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3829800
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<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a clinical-stage biopharmaceutical
company focused on developing new generation medicines for depression and other central nervous system (<i>CNS</i>) disorders.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AV-101 is our oral CNS product candidate
in Phase 2 clinical development in the United States, initially as a new generation adjunctive treatment for Major Depressive Disorder
(<i>MDD</i>) in patients with an inadequate response to standard antidepressants approved by the U.S. Food and Drug Administration
(<i>FDA</i>).  AV-101’s mechanism of action (<i>MOA</i>) involves both NMDA (N-methyl-D-aspartate) and AMPA (alpha-amino-3-hydroxy-5-methyl-4-isoxazolepropionic
acid) receptors in the brain responsible for fast excitatory synaptic activity throughout the CNS.  AV-101’s MOA is
fundamentally differentiated from all FDA-approved antidepressants, as well as all atypical antipsychotics often used adjunctively
to augment them. We believe AV-101 also has potential as a new treatment alternative for several additional indications involving
the CNS, including epilepsy, Huntington’s disease, L-DOPA-induced dyskinesia associated with Parkinson’s disease, and
neuropathic pain. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clinical studies conducted at the U.S. National
Institute of Mental Health (<i>NIMH</i>), part of the U.S. National Institutes of Health (<i>NIH</i>), by Dr. Carlos Zarate, Jr.,
Chief of the NIMH’s Experimental Therapeutics & Pathophysiology Branch and its Section on Neurobiology and Treatment
of Mood and Anxiety Disorders, have focused on the antidepressant effects of low dose ketamine hydrochloride injection (<i>ketamine</i>),
an NMDA receptor antagonist, in MDD patients with inadequate responses to multiple standard antidepressants. These NIMH studies,
as well as clinical research at Yale University and other academic institutions, have demonstrated robust antidepressant effects
in these MDD patients within twenty-four hours of a single sub-anesthetic dose of ketamine administered by intravenous (<i>IV</i>)
injection.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe orally-administered AV-101 may
have potential to deliver ketamine-like antidepressant effects without ketamine’s psychological and other negative side effects.
As published in the October 2015 issue of the peer-reviewed, <i>Journal of Pharmacology and Experimental Therapeutics, </i>in
an article titled, <i>The prodrug 4-chlorokynurenine causes ketamine-like antidepressant effects, but not side effects, by
NMDA/glycineB-site inhibition,</i> using well-established preclinical models of depression, AV-101 was shown to induce fast-acting,
dose-dependent, persistent and statistically significant antidepressant-like responses following a single treatment. These responses
were equivalent to those seen with a single sub-anesthetic control dose of ketamine. In addition, these studies confirmed that
the fast-acting antidepressant effects of AV-101 were mediated through both inhibiting the GlyB site of the NMDA receptor and activating
the AMPA receptor pathway in the brain.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to our Cooperative Research and
Development Agreement (<i>CRADA</i>) with the NIMH, the NIMH is funding, and Dr. Zarate, as Principal Investigator, and his team
are conducting, a small Phase 2 clinical study of AV-101 monotherapy in subjects with treatment-resistant MDD (the <i>NIMH AV-101
MDD Phase 2 Monotherapy Study</i>).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are preparing to launch our 180-patient
Phase 2 multi-center, multi-dose, double blind, placebo-controlled efficacy and safety study of AV-101 as a new generation adjunctive
treatment of MDD in adult patients with an inadequate response to standard, FDA-approved antidepressants (the <i>AV-101 MDD Phase
2 Adjunctive Treatment Study</i>).  Dr. Maurizio Fava, Professor of Psychiatry at Harvard Medical School and Director,
Division of Clinical Research, Massachusetts General Hospital (<i>MGH</i>) Research Institute, will be the Principal Investigator
of our AV-101 MDD Phase 2 Adjunctive Treatment Study.  Dr. Fava was the co-Principal Investigator with Dr. A. John Rush
of the STAR*D study, the largest clinical trial conducted in depression to date, whose findings were published in journals such
as the New England Journal of Medicine (<i>NEJM</i>) and the Journal of the American Medical Association (<i>JAMA</i>). We currently
anticipate completing our AV-101 MDD Phase 2 Adjunctive Treatment Study by the end of 2018 with top line results available in
the first quarter of 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">VistaGen Therapeutics, Inc., a California corporation dba VistaStem Therapeutics (<i>VistaStem</i>),
is our wholly owned subsidiary focused on applying human pluripotent stem cell (<i>hPSC</i>) technology, internally and with third-party
collaborators, to discover, rescue, develop and commercialize (i) proprietary new chemical entities (<i>NCEs</i>), including small
molecule NCEs with regenerative potential, for CNS and other diseases and (ii) cellular therapies involving stem cell-derived
blood, cartilage, heart and liver cells.  Our internal drug rescue programs are designed to utilize <i>CardioSafe 3D</i>,
our customized cardiac bioassay system, to develop small molecule NCEs for our pipeline.  In December 2016, we exclusively
sublicensed to BlueRock Therapeutics LP, a next generation regenerative medicine company established by Bayer AG and Versant Ventures,
rights to certain proprietary technologies relating to the production of cardiac stem cells for the treatment of heart disease
(the <i>BlueRock Agreement</i>). VistaStem may also pursue additional potential regenerative medicine (<i>RM</i>) applications,
including using blood, cartilage, and/or liver cells derived from hPSCs for (A) cell-based therapy, (B) cell repair therapy, and/or
(C) tissue engineering.  In a manner similar to our exclusive sublicense agreement with BlueRock Therapeutics, VistaStem
may pursue these additional RM applications in collaboration with third-parties.</p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying Consolidated Financial
Statements have been prepared assuming that we will continue as a going concern. As a clinical-stage biopharmaceutical company
having not yet developed commercial products or achieved sustainable revenues, we have experienced recurring losses and negative
cash flows from operations resulting in a deficit of $142.0 million accumulated from inception through March 31, 2017. We expect
losses and negative cash flows from operations to continue for the foreseeable future as we engage in further potential development
of AV-101, initially as an adjunctive treatment for MDD, and subsequently as a new treatment alternative for other CNS conditions,
execute our drug rescue programs, and pursue potential drug development and regenerative medicine opportunities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since our inception in May 1998 through
March 31, 2017, we have financed our operations and technology acquisitions primarily through the issuance and sale of equity and
debt securities, including convertible promissory notes and short-term promissory notes, for cash proceeds of approximately $44.7
million, as well as from an aggregate of approximately $17.6 million of government research grant awards (excluding the fair market
value of the NIMH AV-101 MDD Phase 2 Monotherapy Study), strategic collaboration payments, intellectual property sublicensing and
other revenues. Additionally, we have issued equity securities with an approximate value at issuance of $30.8 million in non-cash
settlements of certain liabilities, including liabilities for professional services rendered to us or as compensation for such
services.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the first quarter of our fiscal year
ended March 31, 2017, we sold to accredited investors Series B Preferred Units consisting of 39,714 unregistered shares of our
Series B 10% Convertible Preferred Stock, par value $0.001 per share (<i>Series B Preferred</i>), and five year warrants exercisable
at $7.00 per share (<i>Series B Preferred Warrants</i>) to purchase 39,714 shares of our common stock, from which we received cash
proceeds of $278,000.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2016, we consummated an underwritten
public offering pursuant to which we received net cash proceeds of approximately $9.5 million, after deducting fees and expenses,
and .issued an aggregate of 2,570,040 registered shares of our common stock at the public offering price of $4.24 per share
and five-year warrants to purchase up to 2,705,883 registered shares of common stock, with an exercise price of $5.30 per
share, at the public offering price of $0.01 per warrant, including shares and warrants issued pursuant to the exercise of the
underwriters' over-allotment option (the <i>May 2016 Public Offering</i>).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the last two quarters of our fiscal
year ended March 31, 2017, we sold to accredited investors units consisting of an aggregate of 124,250 unregistered shares of
our common stock and three-year and five-year warrants to purchase an aggregate of 45,375 shares of our unregistered common stock.
We received cash proceeds of $342,400 from this self-placed private placement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At March 31, 2017, we had a cash and
cash equivalents balance of $2.9 million. This amount was not sufficient to enable us to fund our planned operations,
including expected cash expenditures of approximately $12 million for the twelve months following the issuance of these
financial statements, including expenditures required to further prepare for, launch and satisfy a significant portion of the
projected expenses associated with our proposed AV-101 MDD Phase 2 Adjunctive Treatment Study. However, during the first
quarter of our fiscal year ending March 31, 2018 (<i>Fiscal 2018</i>), we sold to accredited investors in a self-placed
private placement units consisting of an aggregate of 437,751 unregistered shares of our common stock and warrants to
purchase an aggregate of 218,875 unregistered shares of our common stock pursuant to which we received $837,300 in cash
proceeds, bringing total proceeds for the Spring 2017 Private Placement to approximately $1.0 million<i>.</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our limited cash position at March 31, 2017
plus subsequent proceeds from the Spring 2017 Private Placement considered with our recurring and anticipated losses and negative
cash flows from operations make it probable, in the absence of additional financing, that we will not be able to meet our obligations
as they come due within one year from the date of this Report, raising substantial doubt that we can continue as a going concern.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, to alleviate that doubt, we plan,
as we have in the past, to raise additional financing when needed, primarily through the sale of our equity securities in one or
more public offerings or private placements. On January 23, 2017, we filed a Registration Statement on Form S-3 (Registration No.
333-215671) with the Securities and Exchange Commission (the <i>Commission</i>)<i> </i>covering the potential future sale
of our equity securities. The Commission declared such Registration Statement effective on May 12, 2017 (the <i>S-3 Registration
Statement</i>). As of the date of this Report, we have not yet sold any securities under the S-3 Registration Statement, nor do
we have an obligation to do so. At March 31, 2017, we had a limited number of unallocated or unreserved shares of our common stock
available for issuance in future offerings or for other purposes. To facilitate a substantial offering of our equity securities
to sustain our operations and enable the launch and completion of our AV-101 MDD Phase 2 Adjunctive Treatment Study, our Board
of Directors has approved an amendment to our Restated Articles of Incorporation to increase the number of shares of common stock
available for issuance thereunder to 100 million shares. Before taking effect, this amendment must be approved by a majority of
our stockholders. We plan to present this amendment to our stockholders at our 2017 annual meeting of stockholders to be held in
the fall of 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the sale of our equity securities,
we may also seek to enter research and development collaborations that could generate revenue or provide funding for development
of AV-101 and additional product candidates. We may also seek additional government grant awards or agreements similar to our
current CRADA with the NIMH, which provides for the NIMH to fully fund the NIMH AV-101 MDD Phase 2 Monotherapy Study. Such strategic
collaborations may provide non-dilutive resources to advance our strategic initiatives while reducing a portion of our future
cash outlays and working capital requirements. In a manner similar to the BlueRock Agreement, we may also pursue similar arrangements
with third-parties covering other of our intellectual property. Although we may seek additional collaborations that could generate
revenue and/or non-dilutive funding for development of AV-101 and other product candidates, as well as new government grant awards
and/or agreements similar to our CRADA with NIMH, no assurance can be provided that any such collaborations, awards or agreements
will occur in the future.   </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our future working capital requirements
will depend on many factors, including, without limitation, the scope and nature of opportunities related to our success and the
success of certain other companies in clinical trials, including our development and commercialization of AV-101 as an adjunctive
treatment for MDD and other potential CNS conditions, and various applications of our stem cell technology platform, the availability
of, and our ability to obtain, government grant awards and agreements, and our ability to enter into collaborations on terms acceptable
to us. To further advance the clinical development of AV-101 and our stem cell technology platform, as well as support our operating
activities, we plan to continue to carefully manage our routine operating costs, including our employee headcount and related expenses,
as well as costs relating to regulatory consulting, contract research and development, investor relations and corporate development,
legal, acquisition and protection of intellectual property, public company compliance and other professional services and operating
costs. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, there can
be no assurance that our stockholders will authorize the issuance of additional shares of our common stock to facilitate further
financing opportunities and for other purposes, or that future financing will be available in sufficient amounts, in a timely manner,
or on terms acceptable to us, if at all. If we are unable to obtain substantial additional financing on a timely basis when needed
later in 2017 and beyond, our business, financial condition, and results of operations may be harmed, the price of our stock may
decline, we may be required to reduce, defer, or discontinue certain of our research and development activities and we may not
be able to continue as a going concern.  As noted above, these Consolidated Financial Statements do not include any adjustments
that might result from the negative outcome of this uncertainty.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not use derivative instruments for
hedging of market risks or for trading or speculative purposes.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We follow the principles of fair value accounting
as they relate to our financial assets and financial liabilities. Fair value is defined as the estimated exit price received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, rather
than an entry price that represents the purchase price of an asset or liability.  Where available, fair value is based
on observable market prices or parameters, or derived from such prices or parameters.  Where observable prices or inputs
are not available, valuation models are applied.  These valuation techniques involve some level of management estimation
and judgment, the degree of which is dependent on several factors, including the instrument’s complexity.  The
required fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels
is described as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 60px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt"><i>Level 1</i> — Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 60px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt"><i>Level 2</i> — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 60px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt"><i>Level 3</i> — Unobservable inputs (<i>i.e.,</i> inputs that reflect the reporting entity’s own assumptions about the assumptions that market participants would use in estimating the fair value of an asset or liability) are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial instrument’s categorization
within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.  Where
quoted prices are available in an active market, securities are classified as Level 1 of the valuation hierarchy. If quoted
market prices are not available for the specific financial instrument, then we estimate fair value by using pricing models, quoted
prices of financial instruments with similar characteristics or discounted cash flows. In certain cases where there is limited
activity or less transparency around inputs to valuation, financial assets or liabilities are classified as Level 3 within
the valuation hierarchy.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In conjunction with certain Senior Secured
Convertible Promissory Notes that we issued to PLTG between October 2012 and July 2013 and the related PLTG Warrants, and the contingently
issuable Series A Exchange Warrant, we determined that the warrants included certain exercise price and other adjustment features
requiring the warrants to be treated as liabilities, which were recorded at their issuance-date estimated fair values and marked
to market at each subsequent reporting period. We determined the fair value of the warrant liabilities using Level 3 (unobservable)
inputs, since there was minimal comparable external market data available. Inputs used to determine fair value included the remaining
contractual term of the warrants, risk-free interest rates, expected volatility of the price of the underlying common stock, and
the probability of a financing transaction that would trigger a reset in the warrant exercise price, and, in the case of the Series
A Exchange Warrant, the probability of PLTG’s exchange of the shares of Series A Preferred it holds into shares of common
stock. The change in the fair value of these warrant liabilities between March 31, 2015 and their subsequent elimination (described
below) was recognized as a non-cash expense in the Consolidated Statement of Operations and Comprehensive Loss for the fiscal year
ended March 31, 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2015, we entered into an agreement
with PLTG pursuant to which PLTG agreed to amend the PLTG Warrants to (i) fix the exercise price thereof at $7.00 per share, (ii)
eliminate the exercise price reset features and (iii) fix the number of shares of our common stock issuable thereunder.  This
agreement and the related modification of the PLTG Warrants resulted in the elimination of the warrant liability with respect
to the PLTG Warrants during the quarter ended June 30, 2015.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2016, we entered into an Exchange
Agreement with PLTG pursuant to which PLTG exchanged all outstanding PLTG Warrants plus the shares issuable pursuant to the Series
A Preferred Exchange Warrant for unregistered shares of our Series C Convertible Preferred Stock (<i>Series C Preferred</i>) in
the ratio of 0.75 share of Series C Preferred for each warrant share cancelled. As a result of the Exchange Agreement, all warrants
previously issued to PLTG have been cancelled.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We carried no assets or liabilities at fair
value at March 31, 2017 or 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Prepaid expenses and other current assets consist
of the following:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"> March 31,</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"> 2017</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"> 2016</font></td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> Insurance</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">85,800</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">27,000</font></td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> AV-101 materials and services</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">352,800</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> Prepaid compensation under financial advisory</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">     and other consulting agreements</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">337,500</font></td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> Public offering expenses</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">11,600</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">57,400</font></td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> All other</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,400</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">4,900</font></td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">456,600</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">426,800</font></td>
<td colspan="2" style="padding-bottom: 3pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Property and equipment consists of the following:</p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%; font-size: 8pt; text-align: left"> Laboratory equipment</td><td style="width: 8%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 12%; font-size: 8pt; text-align: right">888,300</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 8%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 12%; font-size: 8pt; text-align: right">659,000</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Tenant improvements</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">26,900</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">26,900</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> Computers and network equipment</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">53,000</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">43,200</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Office furniture and equipment</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">79,700</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">69,500</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,047,900</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">798,600</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt"> Accumulated depreciation and amortization</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(761,400</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(711,000</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt"> Property and equipment, net</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">286,500</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">87,600</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than certain leased office equipment,
none of our assets were subject to third party security interests at March 31, 2017 or 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accrued expenses consist of:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"> March 31,</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"> 2017</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"> 2016</font></td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> Accrued professional services</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">37,000</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">318,000</font></td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> Accrued AV-101 development and related expenses</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">402,400</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">186,000</font></td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> Accrued compensation</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">310,000</font></td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> All other</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,600</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td colspan="2" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">443,000</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">814,000</font></td>
<td colspan="2" style="padding-bottom: 3pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes our notes
payable:  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="11" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2017</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="11" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td></tr>
<tr style="vertical-align: bottom">
<td style="font: bold 8pt Times New Roman, Times, Serif"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Principal</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Accrued</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Principal</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Accrued</td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Balance</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Interest</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Balance</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Interest</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> 8.25% Note payable to insurance</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 40%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1.5pt">   premium financing company (current)</td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">54,800</td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">54,800</td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: right; padding-left: 1.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-left: 1.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt">7.0% Note payable to Progressive Medical</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">58,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">12,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">70,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">   less: current portion</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(31,600</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(12,000</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(43,600</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1.5pt">7.0% Note payable - non-current portion</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">27,200</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">27,200</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-left: 1.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt">Total notes payable to unrelated parties</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">54,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">54,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">58,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">12,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">70,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">   less: current portion</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(54,800</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(54,800</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(31,600</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(12,000</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(43,600</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1.5pt">Net non-current portion</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">27,200</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">27,200</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, we paid in full the $71,600
then-outstanding balance (principal and accrued but unpaid interest) of the promissory note we issued to Progressive Medical Research
(<i>PMR</i>) in connection with our clinical development relationship with PMR.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2016, we executed a promissory note
in the face amount of $117,500 in connection with certain insurance policy premiums. The note was payable in monthly installments
of $12,100, including principal and interest, through March 2017. In February 2017, we executed a promissory note in the face amount
of $60,700 in connection with other insurance policy premiums. The note is payable in monthly installments of $6,300, including
principal and interest, and has an outstanding balance of $54,800 at March 31, 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Convertible and Promissory Notes and
Other Indebtedness Converted into Series B Preferred</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between May 2015 and September 2015, we
extinguished outstanding indebtedness having a carrying value of approximately $15.9 million (principal plus unpaid accrued interest
less unamortized debt discount), including all of our senior secured promissory notes, all except $58,800 principal of our unsecured
promissory notes, and a substantial portion of other indebtedness, and certain adjustments thereto, that were either due and payable
or would have become due and payable prior to March 31, 2016, by converting all such indebtedness into shares of our Series B Preferred
(as described more completely in Note 9, <i>Capital Stock</i>, under the caption <i>Series B Preferred Stock).</i> Evaluating each
note or debt class separately, we determined that the conversion of each of the notes or other debt instruments into Series B Preferred
should be accounted for as an extinguishment of debt. Further, considering the direct exchangeability of the Series B Preferred
shares into shares of our common stock, the 10% dividend applicable to the Series B Preferred prior to such exchange, and other
factors, we determined that the fair value of a share of Series B Preferred issued pursuant to the conversion of each of the notes
or other debt instruments was equal to the market value of a share of our common stock on the conversion date. Because the fair
value of the Series B Preferred into which the debt instruments were converted in all cases exceeded the carrying value of the
debt, we recorded an aggregate loss on extinguishment of debt of $26,700,200, in the first and second quarters of the fiscal year
ended March 31, 2016, as reflected in the accompanying Consolidated Statement of Operations and Comprehensive Loss for that period.
The carrying values and components of the loss on extinguishment of our notes and other indebtedness converted into Series B Preferred
during our fiscal year ended March 31, 2016 are summarized in a table presented in Note 9, <i>Capital Stock,</i> under the caption
<i>Conversion of Debt Securities into Series B Preferred and Loss on Extinguishment of Debt.</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provision for income taxes for the periods
presented in the Consolidated Statements of Operations and Comprehensive Loss represents minimum California franchise taxes. Income
tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 34% to pretax losses as a result
of the following:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%; font-size: 8pt; text-align: left">Computed expected tax benefit</td><td style="width: 8%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 12%; font-size: 8pt; text-align: right">(34.00</td><td style="width: 1%; font-size: 8pt; text-align: left">)%</td><td style="width: 8%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 12%; font-size: 8pt; text-align: right">(34.00</td><td style="width: 1%; font-size: 8pt; text-align: left">)%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Tax effect of loss on debt extinguishment</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">19.22</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Tax effect of warrant modifications</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1.42</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">4.38</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Tax effect of Warrant Liability mark to market</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1.36</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Other losses not benefitted</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">32.58</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">9.04</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Other</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">0.02</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">0.01</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Income tax expense</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">0.02</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred income taxes reflect the net tax
effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for income tax purposes. Significant components of our deferred tax assets are as follows (in thousands):</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"> </td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31,</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: top; background-color: white; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2017</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2016</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt">Deferred tax assets:</font></td>
<td colspan="2" style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: left"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: white; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Net operating loss carryovers</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">30,184</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">26,606</font></td>
<td style="vertical-align: bottom; text-align: left"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: white; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Basis differences in fixed assets</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(4</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt">Stock based compensation</font></td>
<td colspan="2" style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,674</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,681</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt">Accruals and reserves</font></td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">928</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">928</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt">Total deferred tax assets</font></td>
<td colspan="2" style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">34,782</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">31,215</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt">Valuation allowance</font></td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(34,782</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(31,215</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt">Net deferred tax assets</font></td>
<td colspan="2" style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Realization of deferred tax assets is dependent
upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the deferred tax assets have been fully
offset by a valuation allowance. The valuation allowance increased by $3,567,000 and $5,443,000 during the fiscal years ended March
31, 2017 and 2016, respectively. When realized, deferred tax assets related to employee stock options will be credited to additional
paid-in capital.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2017, we had U.S. federal
net operating loss carryforwards of approximately $77.1 million, which will expire in fiscal years 2020 through 2037. 
As of March 31, 2017, we had state net operating loss carryforwards of approximately $67.6 million, which will expire in fiscal
years 2018 through 2037.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. federal and state tax laws include
substantial restrictions on the utilization of net operating loss carryforwards in the event of an ownership change of a corporation.
We have not performed a change in ownership analysis since our inception in 1998 and accordingly some or all of our net operating
loss carryforwards may not be available to offset future taxable income, if any.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We file income tax returns in the U.S. federal
and Canadian jurisdictions and California and Maryland state jurisdictions. We are subject to U.S. federal and state income
tax examinations by tax authorities for tax years 2000 through 2017 due to net operating losses that are being carried forward
for tax purposes, but we are not currently under examination by tax authorities in any jurisdiction.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Uncertain Tax Positions</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our unrecognized tax benefits at March 31,
2017 and 2016 relate entirely to research and development tax credits. The total amount of unrecognized tax benefits at March 31,
2017 and 2016 is $290,500 and $142,400, respectively. If recognized, none of the unrecognized tax benefits would impact our effective
tax rate. The following table summarizes the activity related to our unrecognized tax benefits.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Fiscal Years Ended March 31,</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2017</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2016</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: left"><font style="font-size: 8pt">Unrecognized benefit - beginning of period</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 0%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">142,400</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 0%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">48,200</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Current period tax position increases</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">77,700</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">35,300</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Prior period tax position increases</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">70,400</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">58,900</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Unrecognized benefit - end of period</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">290,500</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">142,400</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our policy is to recognize interest and
penalties related to income taxes as components of interest expense and other expense, respectively. We incurred no interest or
penalties related to unrecognized tax benefits in the years ended March 31, 2017 or 2016. We do not anticipate any significant
changes of our uncertain tax positions within twelve months of this reporting date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>BlueRock Therapeutics Sublicense Agreement</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2016, we entered into an Exclusive
License and Sublicense Agreement (<i>BlueRock Therapeutics Agreement</i>) with BlueRock Therapeutics, LP, a next generation regenerative
medicine company established in December 2016 by Bayer AG and Versant Ventures (<i>BlueRock Therapeutics</i>), pursuant to which
BlueRock received exclusive rights to utilize certain technologies exclusively licensed by us from University Health Network (<i>UHN</i>)
for the production of cardiac stem cells for the treatment of heart disease. We retained rights to cardiac stem cell technology
licensed from UHN related to small molecule, protein and antibody drug discovery, drug rescue and drug development, including small
molecules with cardiac regenerative potential, as well as small molecule, protein and antibody testing involving cardiac cells.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the BlueRock Therapeutics Agreement,
we received an upfront payment of $1.25 million and we have the potential to receive additional milestone payments and royalties
in the future, in the event certain performance-based milestones and commercial sales are achieved. At December 31, 2016, we had
no further obligations under the BlueRock Therapeutics Agreement and, accordingly, we recorded a receivable for the $1.25 million
upfront payment with a corresponding recognition of the sublicense revenue. We received the $1.25 million cash payment due under
the BlueRock Therapeutics Agreement in January 2017 and have recognized $1.25 million in sublicense revenue in the accompanying
Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>U.S. National Institutes of Health</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During fiscal years 2006 through 2008, the
NIH awarded a $4.2 million grant to the Company to support preclinical development of AV-101 for pain. In June 2009, the NIH
further awarded the Company a $4.2 million grant to support the Phase I clinical development of AV-101, which amount was subsequently
increased to a total of $4.6 million in July 2010.  The grant expired in the ordinary course on June 30, 2012 and all
funds had been expended.  AV-101, our orally available prodrug candidate is currently in Phase 2 development, initially
for the adjunctive treatment of MDD in patients with an inadequate response to standard antidepressants. In February 2015,
we entered into the CRADA with the NIMH to collaborate on an NIH-sponsored Phase 2 clinical study of the efficacy and safety of
AV-101 in subjects with MDD. The first patient in the NIMH AV-101 MDD Phase 2 Monotherapy Study was dosed in November 2015 and
we currently anticipate that the NIMH will complete the study in 2017, with top line results in the first half of 2018. We believe
AV-101 may also have broad therapeutic utility with multiple near term central nervous system pipeline expansion opportunities,
including chronic neuropathic pain, epilepsy, Huntington’s disease and Parkinson’s disease.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Cato Research Ltd.</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have built a strategic development relationship
with Cato Research Ltd. (<i>CRL</i>), a global contract research and development organization, or CRO, and an affiliate of one
of our largest institutional stockholders.  CRL has provided us with access to essential CRO services and regulatory
expertise supporting our AV-101 preclinical and clinical development programs and other projects.  We recorded research
and development expenses for CRO services provided by CRL in the amounts of $254,600 and $52,600 for the fiscal years ended March
31, 2017 and 2016, respectively.  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>University Health Network</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2007, we entered into a Sponsored
Research Collaboration Agreement (<i>SRCA</i>) with University Health Network to develop certain stem cell technologies for drug
discovery, development and rescue technologies. Under the terms of the SRCA, we have acquired exclusive worldwide rights to patent
applications in the U.S. and foreign countries on multiple inventions arising from studies we have sponsored, under pre-negotiated
license terms. Those license terms provide for royalty payments based on product sales that incorporate the licensed technology
and milestone payments based on the achievement of certain events. Any drug rescue new chemical entity that we develop will not
incorporate the licensed technology and, therefore, will not require any royalty payments. To the extent we incur royalty payment
obligations from other business activities, the royalty payments will be subject to anti-stacking provisions, which reduce our
payments by a percentage of any royalty payments paid to third parties who have licensed necessary intellectual property to us.
These licenses will remain in force for so long as we have an obligation to make royalty or milestone payments to UHN, but may
be terminated earlier upon mutual consent, by us at any time, or by UHN for our breach of any material provision of the license
agreement that is not cured within 90 days. The SRCA with UHN, as amended, had a term of ten years, ending in September 2017,
but was terminated in December 2016, as described below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2016, we entered into a series
of agreements with UHN pursuant to which we (i) executed two new exclusive patent license agreements related to certain cardiac
stem cell technologies discovered by Dr. Gordon Keller, Director of UHN's McEwen Centre for Regenerative Medicine, under the SRCA;
(ii) amended two exclusive cardiac stem cell technology patent license agreements previously entered into between us and UHN under
the SRCA; (iii) terminated the SRCA to facilitate the BlueRock Therapeutics Agreement, described above; and (iv) agreed to make
a sublicense consideration payment to UHN with respect to the upfront payment we received under the BlueRock Therapeutics Agreement.
All financial obligations related to these agreements with UHN, aggregating $233,400, are reflected in research and development
expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cato Holding Company (<i>CHC</i>), doing
business as Cato BioVentures (<i>CBV</i>), is the parent of CRL. CRL is a contract research, development and regulatory services
organization (<i>CRO</i>) engaged by us for certain aspects of the development and regulatory affairs associated with AV-101. CBV
is among our largest institutional stockholders at March 31, 2017, holding approximately 6.9% of our outstanding common stock.
In October 2012, we issued certain unsecured promissory notes in the aggregate face amount of approximately $1.3 million to CBV
and CRL (the <i>Cato Notes</i>) as payment in full for all contract research and development services and regulatory advice previously
rendered to us by CRL. As described in Note 9, <i>Capital Stock</i>, the Cato Notes and additional amounts payable to CRL for CRO
services were extinguished in June 2015 in exchange for our issuance of an aggregate of 328,571 shares of Series B Preferred to
CBV, which shares of Series B Preferred were automatically converted into an equal number of registered shares of our common stock
in connection with the May 2016 Public Offering.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of our contract research
arrangement with CRL related to the development of AV-101, we incurred expenses of $254,600 and $52,600 for the fiscal years ended
March 31, 2017 and 2016, respectively.  Total interest expense on the Cato Notes was $28,200 for the fiscal year ended
March 31, 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have evaluated subsequent events through
the date of this report and have identified the following material events and transactions that occurred after March 31, 2017:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Private Placement Common Stock and
Warrants</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between April 1 and June 27, 2017, in
self-placed private placement transactions, we sold to accredited investors units consisting of (i) an aggregate of 473,751
shares of our unregistered common stock and (ii) warrants to purchase an aggregate of 218,875 shares of our common stock at
an exercise price of $4.00 per share. We received cash proceeds of $873,300 from these sales of our securities, bringing
total proceeds from the Spring 2017 Private Placement to approximately $1.0 million.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Option Grants</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 27, 2017, when the
quoted market price of our common stock was $1.96 per share, the Board granted options to purchase an aggregate of 880,000
shares of our common stock at an exercise price of $1.96 per share to all officers, employees and independent members of the
Board pursuant to the 2016 Plan.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements
in conformity with U.S. generally accepted accounting principles (<i>U.S. GAAP</i>) requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.  Significant estimates include, but are not limited to, those relating to stock-based
compensation, revenue recognition, and the assumptions used to value warrants, warrant modifications and warrant liabilities.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying consolidated
financial statements include the Company’s accounts, VistaStem’s accounts and the accounts of VistaStem’s
two wholly-owned inactive subsidiaries, Artemis Neurosciences and VistaStem Canada.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents are considered
to be highly liquid investments with maturities of three months or less at the date of purchase.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment is stated at cost.
Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over
the estimated useful lives of the assets. The estimated useful lives of property and equipment range from five to seven years.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Our long-lived assets consist of
property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business
circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that we consider in deciding
when to perform an impairment review include significant underperformance of the business in relation to expectations, significant
negative industry or economic trends, and significant changes or planned changes in our use of the assets. An impairment loss would
be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying
amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined
based on discounted cash flows. To date, we have not recorded any impairment losses on long-lived assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have historically generated revenue principally
from collaborative research and development arrangements, licensing and technology transfer agreements, including strategic licenses
or sublicenses, and government grants. Revenue arrangements with multiple components are divided into separate units of accounting
if certain criteria are met, including whether the delivered component has stand-alone value to the customer. Consideration received
is allocated among the separate units of accounting based on their respective selling prices.  The selling price for
each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available,
or estimated selling price if neither VSOE nor third party evidence is available.  The applicable revenue recognition
criteria are then applied to each of the units.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recognize revenue when four basic criteria
of revenue recognition are met: (i) a contractual agreement exists; (ii) the transfer of technology has been completed
or services have been rendered; (iii) the fee is fixed or determinable; and (iv) collectability is reasonably assured.
For each source of revenue, we comply with the above revenue recognition criteria in the following manner:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">Collaborative arrangements typically consist of non-refundable and/or exclusive up front technology access fees, cost reimbursements for specific research and development spending, and future product development milestone and royalty payments.  If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred.  Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no objective and reliable evidence of the fair value of those obligations.  We recognize non-refundable upfront technology access fees under agreements in which we have a continuing performance obligation ratably, on a straight-line basis, over the period during which we are obligated to provide services.  Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collectability is reasonably assured.  Payments received related to substantive, performance-based “at-risk” milestones are recognized as revenue upon achievement of the milestone event specified in the underlying contracts, which represent the culmination of the earnings process.  Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees, development and/or regulatory milestone payments and/or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of the continuing research and development efforts. Otherwise, revenue is recognized over the period of our continuing involvement, and, in the case of development and/or regulatory milestone payments, when the applicable event triggering such a payment has occurred.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">Government grants, which support our research efforts on specific projects, generally provide for reimbursement of approved costs as defined in the terms of grant awards. Grant revenue is recognized when associated project costs are incurred.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and development expenses are composed
of both internal and external costs.  Internal costs include salaries and employment-related expenses of scientific personnel
and direct project costs.  External research and development expenses consist primarily of costs associated with clinical
and non-clinical development of AV-101, our prodrug candidate in clinical development for MDD, sponsored stem cell research and
development costs, and costs related to the application and prosecution of patents related to AV-101 and our stem cell technology
platform. All such costs are charged to expense as incurred.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We recognize compensation cost for all
stock-based awards to employees based on the grant date fair value of the award.  We record non-cash, stock-based compensation
expense over the period during which the employee is required to perform services in exchange for the award, which generally represents
the scheduled vesting period.  We have granted no restricted stock awards to employees nor do we have any awards with
market or performance conditions.  For option grants to non-employees, we re-measure the fair value of the awards as
they vest and the resulting value is recognized as an expense during the period over which the services are performed. Compensatory
grants of stock to non-employees are generally treated as fully-earned at the time of the grant and the non-cash expense recognized
is based on the quoted market price of the stock on the date of grant.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We account for income taxes using the
asset and liability approach for financial reporting purposes. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be
recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the
period that includes the enactment date. Valuation allowances are established, when necessary, to reduce the deferred tax assets
to an amount expected to be realized.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments, which potentially
subject us to concentrations of credit risk, consist of cash and cash equivalents. Our investment policies limit any such investments
to short-term, low-risk investments. We deposit cash and cash equivalents with quality financial institutions and are insured to
the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Although we did not have a warrant liability
at March 31, 2017 or 2016, in conjunction with certain Senior Secured Convertible Promissory Notes that we issued to Platinum Long
Term Growth VII, LLC (<i>PLTG</i>) between October 2012 and July 2013 and the related warrants, and the contingently issuable Series
A Exchange Warrant (collectively, the <i>PLTG Warrants</i>), we determined that the PLTG Warrants included certain exercise price
and other adjustment features requiring them to be treated as liabilities. Accordingly, the PLTG Warrants were recorded at their
issuance-date estimated fair values and marked to market at each subsequent reporting period, recording the change in the fair
value as non-cash expense or non-cash income. The key component in determining the fair value of the PLTG Warrants and the related
liability was the market price of our common stock, which is subject to significant fluctuation and is not under our control. The
resulting change in the fair value of the warrant liability on our net loss was therefore also subject to significant fluctuation
and would have continued to be so until all of the PLTG Warrants were issued and exercised, amended or expired. Assuming all other
fair value inputs remained generally constant, we recorded an increase in the warrant liability and non-cash losses when our stock
price increased and a decrease in the warrant liability and non-cash income when our stock price decreased.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing, and as
disclosed in Note 9, <i>Capital Stock</i>, in May 2015, we entered into an agreement with PLTG pursuant to which PLTG agreed to
amend the PLTG Warrants to (i) fix the exercise price thereof at $7.00 per share, (ii) eliminate the exercise price reset features
and (iii) fix the number of shares of our common stock issuable thereunder.  This agreement and the related amendments
to the PLTG Warrants resulted in the elimination of the warrant liability with respect to the PLTG Warrants during the quarter
ended June 30, 2015 and the recognition of a non-cash loss of $1,874,700 in that quarter, reflecting the change in the fair value
of the PLTG Warrants between March 31, 2015 and the date of their amendment. As further disclosed in Note 9, <i>Capital Stock</i>,
the PLTG Warrants, including the right to receive the Series A Exchange Warrant, were cancelled in exchange for our issuance of
shares of our Series C Preferred stock to PLTG in January 2016.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We have no components of other comprehensive
loss other than net loss, and accordingly our comprehensive loss is equivalent to our net loss for the periods presented.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic net income (loss) attributable
to common stockholders per share of common stock excludes the effect of dilution and is computed by dividing net income (loss)
less the accrual for dividends on our Series B Preferred and the deemed dividend attributable to the issuance of our Series B Preferred
Units by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) attributable
to common stockholders per share of common stock reflects the potential dilution that could occur if securities or other contracts
to issue shares of common stock were exercised or converted into shares of common stock. In calculating diluted net income (loss)
attributable to common stockholders per share, we have historically adjusted the numerator for the change in the fair value of
the warrant liability attributable to any outstanding PLTG Warrants, only if dilutive, and increased the denominator to include
the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method. The
change in the fair value of the warrant liability, which was last recognized in the first quarter of our fiscal year ended March
31, 2016, had no impact on the diluted net loss per share calculation for that fiscal year.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of our net loss for both
years presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect
would be antidilutive.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic and diluted net loss attributable
to common stockholders per share was computed as follows:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> Fiscal Years Ended March 31,  </b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="width: 3%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 67%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> 2017 </b></font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> 2016 </b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="3" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> Numerator: </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> Net loss attributable to common stockholders for basic and diluted earnings </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> per share </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $     (11,623,600)</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $    (51,419,000)</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="3" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> Denominator: </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> Weighted average basic and diluted common shares outstanding </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">           7,531,642 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">           1,767,957 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="3" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> Basic and diluted net loss attributable to common stockholders per common share </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                (1.54)</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $             (29.08)</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Potentially dilutive securities excluded in determining diluted
net loss per common share for the fiscal years ended March 31, 2017 and 2016 are as follows:</p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="width: 74%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Series A Preferred stock issued and outstanding <sup>(1)</sup></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">             750,000 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">             750,000 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Series B Preferred stock issued and outstanding <sup>(2)</sup></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          1,160,240 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          3,663,077 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Series C Preferred stock issued and outstanding <sup>(3)</sup></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          2,318,012 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          2,318,012 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding options under the 2016 (formerly 2008) and 1999 Stock Incentive Plans</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          1,659,324 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">             336,987 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding warrants to purchase common stock</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          4,577,631 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          1,907,221 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">        10,465,207 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          8,975,297 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">____________</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="5" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(1)</sup>  Assumes exchange under the terms of the October 11, 2012  Note Exchange and Purchase Agreement with PLTG, as amended</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="5" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(2)</sup>  Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015  </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="5" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(3)</sup>  Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016 </font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the following recent accounting
pronouncements or changes in accounting pronouncements are of significance or potential significance to the Company.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: windowtext">In May 2014,
the Financial Accounting Standards Board (the <i>FASB</i>) issued ASU No. 2014-09, <i>Revenue from Contracts with Customers</i>
(Topic 606), which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new
standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the
consideration that the company expects to receive for those goods or services. The standard creates a five-step model that requires
entities to exercise judgment when considering the recognition of revenue, including (1) identifying the contract(s) with the customer,
(2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the
transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied.
The standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising
from customer contracts, including qualitative and quantitative information about contracts with customers, significant judgments
and changes in judgments and assets recognized with respect to costs incurred to obtain or fulfill a contract. </font><font style="color: black; background-color: white">The
FASB has continued to issue accounting standards updates to clarify and provide implementation guidance related to Revenue from
Contracts with Customers, including ASU 2016-08<i>, Revenue from Contract with Customers: Principal versus Agent Considerations</i>,
ASU 2016-10, <i>Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing</i>, and ASU 2016-12,
<i>Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients.</i> These amendments</font> <font style="color: windowtext">address
a number of areas, including a company’s identification of its performance obligations in a contract, collectability, non-cash
consideration, presentation of sales tax and a company’s evaluation of the nature of its promise to grant a license of intellectual
property and whether or not that revenue is recognized over time or at a point in time. These new standards will be effective for
our fiscal year beginning April 1, 2018, with earlier adoption permitted. We have completed our initial assessment of the new guidance
and will be developing an implementation plan to evaluate the accounting and disclosure requirements under the new standards. Based
on our assessment to date, we do not believe that adoption of Topic 606 and the related standards will have a material impact on
our consolidated financial statements. We have not yet finalized our transition method for adoption of the new standards.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: black">In
August 2014, the FASB issued ASU No. 2014-15, <i>Presentation of Financial Statements—Going Concern (Subtopic
205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern</i>
(<i>ASU 2014-15</i>)<i>.</i></font> <font style="color: windowtext">The ASU sets forth a requirement for management to
evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a
going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards.
Specifically, the amendments (1) provide a definition of the term substantial doubt; (2) require an evaluation every
reporting period, including interim periods; (3) provide principles for considering the mitigating effect of
management’s plans; (4) require certain disclosures when substantial doubt is alleviated as a result of consideration
of management’s plans; (5) require an express statement or other disclosures when substantial doubt is not alleviated;
and (6) require an assessment for a period of one year after the date the financial statements are issued or available to be
issued. </font><font style="color: black">Substantial doubt about an entity’s ability to continue as a going concern
exists when relevant conditions and events, considered in the aggregate, indicate that it is probable (as defined under ASC
450, <i>Contingencies</i>) that the entity will be unable to meet its obligations as they become due within one year after
the date that the financial statements are issued or are available to be issued. If substantial doubt exists, the extent of
the required disclosures depends on an evaluation of management’s plans (if any) to mitigate the going concern
uncertainty. This evaluation should include consideration of conditions and events that are either known or are reasonably
knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable
that management's plans to address the substantial doubt will be implemented and, if so, whether it is probable that the
plans will alleviate the substantial doubt. We adopted ASU 2014-15 for our fiscal year ended March 31, 2017 and Note 2, <i>Basis
of Presentation and Going Concern</i>, includes our disclosures regarding substantial doubt about our ability to continue as a going
concern and the steps we have planned to alleviate such doubt for the twelve months following the date of the issuance of
these Consolidated Financial Statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2015, the FASB issued ASU No. 2015-03,
<i>Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</i>. The amendments
in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct
deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective
for financial statements issued for fiscal years ending after December 31, 2015, and interim periods within those fiscal years.
We have adopted this ASU effective with our fiscal year beginning April 1, 2016, but have incurred no debt issuance costs since
that date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2015, the FASB issued ASU No.
2015-17, <i>Balance Sheet Classification of Deferred Taxes</i>, which amends existing guidance on income taxes to require the classification
of all deferred tax assets and liabilities as non-current on the balance sheet. We have adopted this ASU effective with our fiscal
year beginning April 1, 2017 on a prospective basis. We do not expect this ASU to have a material impact on our consolidated financial
statements</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2016, the FASB issued ASU No.
2016-01, <i>Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</i>. The
updated guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition,
measurement, presentation and disclosure. The amendment to the standard is effective for financial statements issued for our fiscal
year beginning April 1, 2018. We do not believe that this ASU will have a material impact on our consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02,
<i>Leases</i> (<i>ASC 842</i>), which will replace the existing guidance in ASC 840, <i>Leases</i>, and which sets out the principles
for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors).
The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the
principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether
lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively.
A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months
regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to the current guidance
for operating leases. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2018,
and interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact that
this new guidance will have on our consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2016, the FASB issued ASU No. 2016-09,
<i>Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</i> which includes
multiple provisions intended to simplify several aspects of accounting for share-based payment transactions, including income tax
consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense
with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The standard
is effective for our fiscal year beginning April 1, 2017. We are evaluating the impact of this ASU on our consolidated financial
statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="background-color: white">In
August 2016, the FASB issued ASU No. 2016-15, </font><i>Statement of Cash Flows (Topic 230): Classification of Certain
Cash Receipts and Cash Payments</i><font style="background-color: white">. The standard</font> reduces the diversity in practice
of how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance addresses
the following eight specific cash flow issues: (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon
debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest
rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement
of insurance claims, (5) proceeds from settlement of corporate-owned life insurance policies, including bank-owned life insurance
policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transitions and (8)
separately identifiable cash flows and application of predominance principle. The guidance will be effective for our fiscal year
beginning April 1, 2018, and early adoption is permitted. The guidance requires retrospective adoption. We are evaluating the impact
of this ASU on our consolidated financial statements and related disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2016, the FASB issued ASU No.
2016-18, <i>Statement of Cash Flows (Topic 230): Restricted Cash</i> that changes the presentation of restricted cash and cash
equivalents on the statement of cash flows. Restricted cash and restricted cash equivalents must be included with cash and cash
equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This
standard is effective for our fiscal year beginning April 1, 2018, but early adoption is permissible. As we do not currently have
nor have we historically had restricted cash or restricted cash equivalents, we do not believe that this ASU will have a material
impact on our consolidated financial statements. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> Fiscal Years Ended March 31,  </b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="width: 3%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 67%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> 2017 </b></font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> 2016 </b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="3" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> Numerator: </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> Net loss attributable to common stockholders for basic and diluted earnings </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> per share </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $     (11,623,600)</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $    (51,419,000)</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="3" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> Denominator: </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> Weighted average basic and diluted common shares outstanding </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">           7,531,642 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">           1,767,957 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="3" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> Basic and diluted net loss attributable to common stockholders per common share </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                (1.54)</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $             (29.08)</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="width: 74%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Series A Preferred stock issued and outstanding <sup>(1)</sup></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">             750,000 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">             750,000 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Series B Preferred stock issued and outstanding <sup>(2)</sup></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          1,160,240 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          3,663,077 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Series C Preferred stock issued and outstanding <sup>(3)</sup></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          2,318,012 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          2,318,012 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding options under the 2016 (formerly 2008) and 1999 Stock Incentive Plans</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          1,659,324 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">             336,987 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding warrants to purchase common stock</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          4,577,631 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          1,907,221 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">        10,465,207 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          8,975,297 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">____________</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="5" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(1)</sup>  Assumes exchange under the terms of the October 11, 2012  Note Exchange and Purchase Agreement with PLTG, as amended</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="5" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(2)</sup>  Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015  </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td colspan="5" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(3)</sup>  Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016 </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td>
<td colspan="7" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><b>March
31,</b></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right"><b> </b></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><b>2017</b></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><b>2016</b></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%; font: 8pt Times New Roman, Times, Serif; padding-left: 1.5pt"> Insurance</td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">85,800</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">27,000</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> AV-101 materials and services</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">352,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> Prepaid compensation under financial advisory</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt">     and other consulting agreements</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">337,500</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> Public offering expenses</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">11,600</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">57,400</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"> All other</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">6,400</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">4,900</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right; padding-left: 1.5pt"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 2.5pt; padding-left: 1.5pt"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">456,600</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">426,800</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="7" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: right"> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> Laboratory equipment</td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">888,300</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">659,000</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> Tenant improvements</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">26,900</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">26,900</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> Computers and network equipment</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">53,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">43,200</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"> Office furniture and equipment</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">79,700</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">69,500</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: right; padding-left: 1.5pt"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,047,900</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">798,600</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-left: 1.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"> Accumulated depreciation and amortization</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(761,400</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(711,000</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-left: 1.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1.5pt"> Property and equipment, net</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">286,500</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">87,600</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td>
<td colspan="7" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><b>March
31,</b></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right"><b> </b></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><b>2017</b></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b> </b></td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><b>2016</b></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> Accrued professional services</td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">37,000</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">318,000</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> Accrued AV-101 development and related expenses</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">402,400</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">186,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> Accrued compensation</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">310,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"> All other</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">3,600</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: right; padding-left: 1.5pt"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 2.5pt; padding-left: 1.5pt"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">443,000</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">814,000</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="11" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2017</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="11" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td></tr>
<tr style="vertical-align: bottom">
<td style="font: bold 8pt Times New Roman, Times, Serif"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Principal</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Accrued</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Principal</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Accrued</td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Balance</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Interest</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Balance</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Interest</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td><td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt"> 8.25% Note payable to insurance</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 40%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1.5pt">   premium financing company (current)</td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">54,800</td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">54,800</td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 6%; border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: right; padding-left: 1.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-left: 1.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt">7.0% Note payable to Progressive Medical</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">58,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">12,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">70,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">   less: current portion</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(31,600</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(12,000</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(43,600</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1.5pt">7.0% Note payable - non-current portion</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">27,200</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">27,200</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-left: 1.5pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.5pt">Total notes payable to unrelated parties</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">54,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">54,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">58,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">12,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">70,800</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">   less: current portion</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(54,800</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(54,800</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(31,600</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(12,000</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(43,600</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1.5pt">Net non-current portion</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">27,200</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">27,200</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="7" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold"> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Computed expected tax benefit</td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">(34.00</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">)%</td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">(34.00</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">)%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Tax effect of loss on debt extinguishment</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">19.22</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Tax effect of warrant modifications</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.42</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">4.38</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Tax effect of Warrant Liability mark to market</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.36</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Other losses not benefitted</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">32.58</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">9.04</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 5.4pt">Other</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">0.02</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">0.01</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-left: 5.4pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Income tax expense</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">0.02</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">0.01</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
</table>
<p style="margin: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Deferred tax assets:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 74%; font-size: 8pt; text-align: left">Net operating loss carryovers</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">30,184</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">26,606</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Basis differences in fixed assets</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(4</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Stock based compensation</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3,674</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3,681</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Accruals and reserves</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">928</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">928</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Total deferred tax assets</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">34,782</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">31,215</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(34,782</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(31,215</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td colspan="3" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Fiscal Years Ended March 31,</u></b></font></td></tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; width: 3%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 59%; background-color: white; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; width: 1%; background-color: white; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td style="vertical-align: top; width: 1%; background-color: white; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="2" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Research and development expense:</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Stock option grants</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $375,100 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $227,700 </font></td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Warrants granted to officer in March 2014 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 11,400 </font></td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Fully-vested warrants granted to officer in September 2015</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 852,200 </font></td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 375,100 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,091,300 </font></td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="2" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">General and administrative expense:</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Stock option grants</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 476,200 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 93,800 </font></td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Warrants granted to officers and directors</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">     in March 2014</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 15,600 </font></td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Fully-vested warrants granted to officers, directors and</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">     consultants in September 2015</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 2,840,700 </font></td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 476,200 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 2,950,100 </font></td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="2" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Total stock-based compensation expense</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $851,300 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $4,041,400 </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="3" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Fiscal Years Ended March 31, </u></b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="width: 47%; padding: 0.75pt 5.4pt"> </td>
<td style="width: 27%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-decoration: underline; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>2017</u></b></font></td>
<td style="width: 2%; padding: 0.75pt 5.4pt"> </td>
<td style="width: 24%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-decoration: underline; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>2016</u></b></font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(weighted average)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(weighted average)</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Exercise price</font></td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> $3.69 </font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> $8.78 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Market price on date of grant</font></td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> $3.69 </font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> $8.69 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate </font></td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.51%</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.99%</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Expected term (years)</font></td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 6.68 </font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 8.45 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Volatility </font></td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">82.96%</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">93.27%</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Expected dividend yield </font></td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.00%</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.00%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="background-color: white">
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Fair value per share at grant date</font></td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> $2.68 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> $7.09 </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="7" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Fiscal Years Ended March 31,</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2016</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="width: 3%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 42%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 2%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 13%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 12%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 13%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 12%; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Weighted </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Weighted </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Average </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Average </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Number of</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Exercise </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Number of</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Exercise </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Shares</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Price</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Shares</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Price</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="3" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Options outstanding at beginning of period</font></td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 336,987 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $9.56 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 207,638 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $10.09 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Options granted</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,340,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $3.69 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 145,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $8.78 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Options exercised</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $-   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $-   </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Options forfeited</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $-   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (10,359)</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $9.26 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 1pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 5.4pt 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Options expired</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 1pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (17,663)</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 1pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> $15.52 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 1pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (5,292)</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 1pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"> $9.42 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="2" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 5.4pt 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Options outstanding at end of period</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 2.5pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,659,324 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 2.5pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2.5pt double"><font style="font: 8pt Times New Roman, Times, Serif"> $4.76 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 2.5pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 336,987 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 2.5pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2.5pt double"><font style="font: 8pt Times New Roman, Times, Serif"> $9.56 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="2" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 5.4pt 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Options exercisable at end of period</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 2.5pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 351,532 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 2.5pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2.5pt double"><font style="font: 8pt Times New Roman, Times, Serif"> $8.27 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 2.5pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.5pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 201,779 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt 2.5pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 2.5pt double"><font style="font: 8pt Times New Roman, Times, Serif"> $10.11 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="3" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Weighted average grant-date fair value of</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">options granted during the period</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $2.69 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $7.09 </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="5" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Options Outstanding</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Options Exercisable</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="width: 21%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 16%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 14%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Weighted</font></td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 12%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 4%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 16%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 13%; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Average</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Weighted</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Weighted</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Remaining</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Average</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Average</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Exercise</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Number</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Years until</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Exercise</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Number</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Exercise</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Price</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Expiration</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Price</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Exercisable</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Price</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $3.49 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 655,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 9.22 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $3.49 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $3.49 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $3.80 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 560,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 9.61 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $3.80 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 62,215 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $3.80 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $4.27 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 125,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 9.50 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $4.27 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $4.27 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $8.00 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 98,335 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 7.47 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $8.00 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 98,335 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $8.00 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $9.25 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 80,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 8.42 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $9.25 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 49,993 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $9.25 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $10.00 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 138,488 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 3.00 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $10.00 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 138,488 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $10.00 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">$14.40 to $15.00</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 2,501 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1.22 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $14.52 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 2,501 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $14.52 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,659,324 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 8.70 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $4.76 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 351,532 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $8.27 </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"><b> </b></td>
<td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31,</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="width: 27%; padding: 0.75pt 5.4pt"><b> </b></td>
<td nowrap="nowrap" style="width: 25%; padding: 0.75pt 5.4pt"><b> </b></td>
<td nowrap="nowrap" style="width: 25%; padding: 0.75pt 5.4pt"><b> </b></td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"><b> </b></td>
<td nowrap="nowrap" style="width: 22%; padding: 0.75pt 5.4pt"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"><b> </b></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"><b> </b></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"><b> </b></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="2" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Office equipment</font></td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 14,600 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 4,500 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="2" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Accumulated depreciation</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (600)</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (3,400)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Net book value </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $14,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $1,100 </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="width: 15%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 15%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 15%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 15%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 17%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 21%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Capital </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Fiscal Years Ending March 31,</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Leases</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $3,800 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 3,800 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 3,800 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 3,800 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 3,300 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="3" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Future minimum lease payments</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 18,500 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="5" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">    Less imputed interest included in minimum lease payments</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (4,200)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="4" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Present value of minimum lease payments</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 14,300 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="2" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">    Less current portion</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (2,400)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="3" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Non-current capital lease obligation</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $11,900 </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Fiscal Years Ending March 31,</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Amount</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="width: 42%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td>
<td nowrap="nowrap" style="width: 3%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 3%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 15%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 17%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 18%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $388,400 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 602,800 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 623,900 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 645,800 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 668,400 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2023</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 225,300 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $3,154,600 </font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="17" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Three Months Ended</b></font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>June 30,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2016</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>September 30,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2016</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2016</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2017</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Fiscal Year</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2017</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Sublicense revenue</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,250</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,250</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 0.25in"><font style="font-size: 8pt">Total revenue</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,250</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,250</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Operating expenses:</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> Research and development</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">826</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,606</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,611</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,161</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">5,204</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> General and administrative</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,138</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,494</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,276</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,387</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,295</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 0.25in"><font style="font-size: 8pt">  Total operating expenses</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,964</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,100</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,887</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,548</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">11,499</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Loss from operations</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,964</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(3,100</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,637</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,548</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(10,249</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Other expenses, net:</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt"> Interest expense, net</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td>
<td style="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(2</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td>
<td style="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(1</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td>
<td style="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(1</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td>
<td style="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid"> </td>
<td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(1</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(5</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify; padding-bottom: 1pt"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Loss before income taxes</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,966</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(3,101</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,638</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,549</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(10,254</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Income taxes</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Net loss</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,968</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(3,101</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,638</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,549</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(10,256</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">     Accrued dividend on Series B Preferred stock</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(540</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(241</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(238</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(238</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,257</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">     Deemed dividend on Series B Preferred stock</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(111</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(111</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">     Net loss attributable to common stockholders</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(2,619</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(3,342</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(2,876</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(2,787</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(11,624</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Basic and diluted net loss per common share</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">    attributable to common stockholders</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(0.51</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(0.42</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(0.34</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(0.32</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(1.54</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Weighted average shares used in computing:</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> Basic and diluted net loss per common share</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">       attributable to common stockholders</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">5,097,832</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">8,047,619</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">8,381,824</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">8,602,107</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">7,531,642</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="3" style="width: 125px; text-align: justify"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">  </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="7" style="border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="width: 45%; padding: 0.75pt 5.4pt"> </td>
<td style="width: 10%; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30,   2015</b></font></td>
<td style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td style="width: 11%; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>September 30, 2015</b></font></td>
<td style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td style="width: 10%; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2015</b></font></td>
<td style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td style="width: 10%; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31, 2016</b></font></td>
<td style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td style="width: 10%; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fiscal Year 2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Operating expenses:</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 8pt Times New Roman, Times, Serif"> Research and development </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $373 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $1,656 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $806 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $1,097 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $3,932 </font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 8pt Times New Roman, Times, Serif"> General and administrative </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,448 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 3,731 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,336 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 7,404 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 13,919 </font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16pt"><font style="font: 8pt Times New Roman, Times, Serif">  Total operating expenses </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,821 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 5,387 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 2,142 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 8,501 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 17,851 </font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Loss from operations </font></td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (1,821)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (5,387)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (2,142)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (8,501)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (17,851)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Other expenses, net:</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 8pt Times New Roman, Times, Serif"> Interest expense, net </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (755)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (12)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (3)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (1)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (771)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 8pt Times New Roman, Times, Serif"> Change in warrant liabilities</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (1,895)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (1,895)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 8pt Times New Roman, Times, Serif"> Loss on extinguishment of debt</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (25,051)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (1,649)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> -   </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (26,700)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other expense, net</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> - </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> - </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (2)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> - </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (2)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Loss before income taxes</font></td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (29,522)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (7,048)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (2,147)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (8,502)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (47,219)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Income taxes</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (2)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> - </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> - </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> - </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (2)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Net loss</font></td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (29,524)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (7,048)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (2,147)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (8,502)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (47,221)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">     Accrued dividend on Series B Preferred stock</font></td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (213)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (615)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (631)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (681)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (2,140)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">     Deemed dividend on Series B Preferred stock</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (256)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (887)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (669)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (246)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> (2,058)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">     Net loss attributable to common stockholders</font></td>
<td style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $(29,993)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $(8,550)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $(3,447)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $(9,429)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $(51,419)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td></tr>
<tr>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt; background-color: white"> </td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Basic and diluted net loss per common share</font></td>
<td style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $(19.23)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $(5.26)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $(1.95)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $(4.44)</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $(29.08)</font></td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td style="vertical-align: top; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Weighted average shares used in computing:</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="background-color: white">
<td nowrap="nowrap" style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 8pt Times New Roman, Times, Serif"> Basic and diluted net loss per common share</font></td>
<td nowrap="nowrap" style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,559,483 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,624,371 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,765,641 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 2,123,936 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="vertical-align: top; border-bottom: Black 2.25pt double; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> 1,767,957 </font></td></tr></table>
337200
482100
14600
4500
600
3400
14000
1100
3800
3800
18500
4200
14300
3800
3800
3300
388400
602800
623900
645800
668400
225300
3154600
254600
52600
3.69
8.69
.0151
.0199
P6Y8M5D
P8Y5M12D
.8296
.9327
0.00
0.00
2.68
7.09
1659324
336987
207638
1340000
145000
0
0
0
10359
17663
5292
351532
201779
4.76
9.56
10.09
3.69
8.78
0.00
0.00
0.00
9.26
15.52
9.42
8.27
10.11
1659324
655000
560000
125000
98335
80000
138488
2501
4.76
3.49
3.80
4.27
8.00
9.25
10.00
14.52
351532
0
62215
0
98335
49993
138488
2501
8.27
3.49
3.80
4.27
8.00
9.25
10.00
14.52
P8Y8M12D
P9Y2M19D
P9Y7M10D
P9Y6M
P7Y5M19D
P8Y5M1D
P3Y
P1Y2M19D
3004900
0
1184911
1134911
3567000
5443000
77100000
67600000
30184000
26606000
-4000
0
928000
928000
34782000
31215000
34782000
31215000
0
0
.3400
.3400
0.0000
.1922
.0142
.0438
0.0000
.0136
.3258
.0904
.0002
.0001
.0002
.0001
37000
318000
402400
186000
0
310000
3600
0
1047900
798600
79700
69500
888300
26900
53000
695000
26900
43200
761400
711000
85800
27000
352800
0
0
337500
11600
57400
6400
4900
10465207
8975297
1659324
336987
4577631
1907221
P5Y
P7Y
54800
43600
0
43600
0
27200
0
27200
54800
70800
54800
0
0
70800
54800
58800
54800
0
0
58800
-54800
-31600
0
-31600
0
27200
0
27200
0
12000
0
0
0
12000
0
-12000
0
-12000
0
0
0
0
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="width: 82%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Upon exchange of all shares of Series A Preferred Stock currently issued and outstanding <sup>(1)</sup></font></td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 4%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 13%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 750,000 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Upon exchange of all shares of Series B Preferred Stock currently issued and outstanding <sup>(2)</sup></font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 1,823,700 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Upon exchange of all shares of Series C Preferred Stock currently issued and outstanding </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 2,318,012 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Pursuant to warrants to purchase common stock:</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">    Subject to outstanding warrants</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 4,577,631 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Pursuant to stock incentive plans:</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">    Subject to outstanding options under the Amended and Restated 2016 and 1999 Stock</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">      Incentive Plans</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 1,659,324 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">    Available for future grants under the Amended and Restated 2016 Stock Incentive Plan</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 1,134,911 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 2,794,235 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 12,263,578 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">____________</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(1)</sup>  assumes exchange under the terms of the October 11, 2012  Note Exchange and Purchase Agreement with PLTG</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt; background-color: white"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(2)</sup>  includes 663,460 common shares issuable in payment of an estimated $1,658,600 in accrued dividends through April 30, 2017 at $2.50 per share</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
<td style="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 37%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted</b></font></td>
<td style="width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 25%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shares Subject</b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exercise</b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Average</b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>to Purchase at </b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Price</b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Expiration</b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Remaining</b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31,</b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-decoration: underline; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>per Share</u></b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-decoration: underline; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Date </u></b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-decoration: underline; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Term (Years)</u></b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-decoration: underline; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>2017</u></b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$3.51 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">12/31/2021</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.75</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                       50,000 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$4.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4/30/2021</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.08</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                       28,625 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$4.50 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">9/26/2019</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.49</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                       25,000 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$5.30 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5/16/2021</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.13</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                  2,705,883 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$6.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">9/26/2019 to 11/30/2019</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.52</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                       97,750 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$7.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">12/11/2018 to 3/3/2023</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3.41</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                  1,346,931 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$8.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3/25/2021</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3.98</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                     185,000 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$10.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11/15/2017 to 1/11/2020</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.39</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                       24,394 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$20.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">9/15/2019</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.46</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                     110,448 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$30.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11/20/2017</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.64</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                         3,600 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3.82</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                  4,577,631 </font></td></tr>
</table>
3.51
4.00
4.50
5.30
6.00
7.00
8.00
10.00
20.00
30.00
50000
28625
25000
2705883
97750
1346931
4577631
185000
24394
110448
3600
4/30/2021
9/26/2019 to 11/30/2019
12/11/2018 to 3/3/2023
12/31/2021
9/26/2019
5/16/2021
3/25/2021
11/15/2017 to 1/11/2020
9/15/2019
11/20/2017
P4Y29D
P2Y6M7D
P3Y4M28D
P4Y9M
P2Y5M26D
P4Y1M17D
P3Y11M23D
P2Y4M20D
P2Y5M16D
P7M20D
P3Y9M25D
1212263578
2318012
4577631
1659324
15880000
1345700
1487900
1831200
628900
1708300
1191700
1510000
381700
123100
289500
115000
187400
92400
497900
30894700
2403100
2657000
2616100
937800
3285700
2359700
2571400
829200
353600
676000
267900
450000
250000
823800
13439200
1656300
1827200
1684900
0
0
0
0
0
0
0
0
0
0
0
483500
0
0
0
0
222700
0
244200
0
0
16600
0
0
0
0
-2237200
0
-514900
-1722300
0
0
0
0
0
0
0
0
0
0
0
3018917
240305
265699
327016
93775
328571
192628
257143
59230
21429
43000
17857
32143
17857
80929
2033020
240305
265699
327016
0
0
0
0
0
0
0
0
0
0
0
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"><font style="font-size: 8pt">Carrying</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="12" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Consideration Given</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"> Amount (Principal plus Accrued Interest less Discount)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Fair Value of Series B Preferred at Issuance</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Fair Value of Warrants at Issuance</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Incremental Fair Value of Warrant Modifications</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Repurchase of Beneficial Conversion Feature</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Loss on Extinguishment</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of Debt</p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Series B Preferred Shares Issued</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">New Warrants Issued</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Senior Secured Convertible Notes (1)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">4,489,300</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">10,413,400</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8,270,800</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(14,194,900</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,041,335</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,200,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">PLTG Unit Notes</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,345,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,403,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,656,300</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,713,700</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">240,305</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">240,305</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Acquired Unit Notes</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,487,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,657,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,827,200</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(514,900</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,481,400</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">265,699</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">265,699</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Investor Unit Notes</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,831,200</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,616,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,684,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,722,300</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(747,500</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">327,016</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">327,016</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">University Health Network note</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">628,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">937,800</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(308,900</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">93,775</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Cato Holding Company and Cato Research Ltd. notes and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,708,300</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3,285,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">222,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,800,100</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">328,571</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Morrison & Foerster Note A</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,191,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,359,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,168,000</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">192,628</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Morrison & Foerster Note B and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,510,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,571,400</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">244,200</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,305,600</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">257,143</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">McCarthy Tetrault note and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">381,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">829,200</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(447,500</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">59,230</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Burr Pilger & Mayer note and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">123,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">353,600</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(230,500</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">21,429</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Icahn School of Medicine at Mount Sinai note and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">289,500</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">676,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; text-align: right"><font style="font-size: 8pt">16,600</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(403,100</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">43,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="width: 367px; text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">National Jewish Health note</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">115,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">267,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(152,900</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">17,857</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Desjardins Securities note</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">187,400</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">450,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(262,600</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">32,143</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">MicroConstants note and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">92,400</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">250,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(157,600</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">17,857</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Other service provider accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">497,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">823,800</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(325,900</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">80,929</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">15,880,000</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">30,894,700</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">13,439,200</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">483,500</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(2,237,200</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(26,700,200</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">3,018,917</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">2,033,020</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 24px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">(1)</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">Includes 400,000 Series B Preferred shares with fair value of $4,000,000 issued as Additional Consideration Shares and warrants to purchase 1,200,000 shares of common stock with fair value of $8,270,800 issued as Additional Consideration Warrants for the various agreements of PLTG pursuant to the PLTG Agreement in May 2015</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
<td colspan="3" style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Unit Warrants </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Weighted Average Issuance Date Valuation Assumptions</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Per Share</font></td>
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Aggregate</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Aggregate</font></td>
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Aggregate Allocation of Proceeds</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Warrant</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Risk free</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Fair</font></td>
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Fair Value</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Proceeds</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Based on Relative Fair Value of: </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Shares</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Market</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Exercise</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Term </font></td>
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Interest </font></td>
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Dividend </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Value of</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">of Unit</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">of Unit</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Unit </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="width: 8%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Issued</font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 5%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Price</font></td>
<td style="width: 5%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Price</font></td>
<td style="width: 5%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(Years)</font></td>
<td style="width: 5%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Rate</font></td>
<td style="width: 6%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Volatility</font></td>
<td style="width: 5%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Rate</font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 8%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Warrant</font></td>
<td style="width: 8%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Warrants</font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 8%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Sales</font></td>
<td style="width: 10%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Unit Stock</font></td>
<td style="width: 24%; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Warrant</font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">        757,692 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"> $     10.34 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"> $     7.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">        5.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">1.60%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">77.36%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.0%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"> $          7.27 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"> $    5,512,100 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"> $      5,303,800 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"> $         3,134,800 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"> $         2,169,000 </font></td></tr>
</table>
757692
7500
37500
230000
25000
50000
10.34
6.75
5.00
8.00
8.25
8.25
8.25
8.25
8.00
7.97
8.44
8.45
3.33
3.33
4.05
4.05
3.73
3.73
10.00
10.00
6.50
6.50
8.25
8.25
3.51
3.51
7.00
7.00
7.00
8.00
7.13
7.00
8.47
7.37
8.00
8.15
10.00
11.92
30.23
9.97
7.00
12.99
12.99
8.00
3.51
P5Y
P5Y
P3Y
P5Y
P3Y11M26D
P5Y
P3Y14D
P4Y9M7D
P4Y6M29D
P2Y4M24D
P1D
P2Y3M4D
P2Y3M4D
P5Y1M17D
P5Y1M28D
P1M24D
P4M24D
P4Y3M4D
P5Y11D
.0160
.0170
.0116
.0139
0.0127
0.0147
.0088
.0123
.0110
.0077
.0044
.0083
.0083
.0174
.0175
.0028
.0036
.0188
.0207
.7736
.7795
.7788
.7896
0.7950
0.7790
.81
.79
.87
.93
1.0030
.737
.737
.788
.787
.912
.912
.871
.858
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7.27
4.22
2.12
5.08
4.98
5.45
3.76
5.37
1.64
1.27
0.00
3.79
1.55
3.65
4.08
.30
.80
1.71
2.39
5512100
3134800
2169000
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assumption:</b></font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>November 2015</b></font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 2015 </b></font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; border: windowtext 1pt solid; padding-right: 6.9pt; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-decoration: underline; line-height: 107%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>March 2016   </u></b></font></td>
<td colspan="3" style="vertical-align: top; text-align: justify; line-height: 107%"> </td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Market price per share</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6.75</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5.00</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 15.4pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">8.00</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="padding-bottom: 8pt; line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Exercise price per share </font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7.00</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7.00</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 15.4pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">8.00</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="padding-bottom: 8pt; line-height: 107%"> </td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.70%</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.16%</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 15.4pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.39%</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="padding-bottom: 8pt; line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Contractual term in years </font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5.0</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3.0</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 15.4pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5.0</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="padding-bottom: 8pt; line-height: 107%"> </td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Volatility </font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">77.95%</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">77.88%</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 15.4pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">78.96%</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="padding-bottom: 8pt; line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Dividend rate</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0%</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0%</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 15.4pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.0%</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="padding-bottom: 8pt; line-height: 107%"> </td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 15.4pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 15.4pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="padding-bottom: 8pt; line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair Value per share </b></font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>4.22</b></font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.12</b></font></td>
<td colspan="2" style="vertical-align: top; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td colspan="3" style="vertical-align: bottom; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>5.08</b></font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="padding-bottom: 8pt; line-height: 107%"> </td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Warrant shares granted</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7,500</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">37,500</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 15.4pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">230,000</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="padding-bottom: 8pt; line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Expense recognized</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">31,700</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">79,600</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td colspan="3" style="vertical-align: bottom; padding-right: 15.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,169,500</font></td>
<td style="vertical-align: bottom; text-align: justify; line-height: 107%"> </td>
<td style="padding-bottom: 8pt; line-height: 107%"> </td></tr>
<tr style="background-color: White">
<td style="width: 46%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%"> </td>
<td style="width: 1%"> </td>
<td style="width: 4%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td></tr>
</table>
31,700
79,600
1,169,500
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td colspan="5" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Warrant Exchanges - FY 2016</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">January 2016</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">January - March 2016</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="4" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">PLTG Outstanding Warrants</font></td>
<td colspan="4" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">PLTG Series A Exchange Warrant</font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Other outstanding warrants</font></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="width: 24%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Pre-</font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Post-</font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Pre-</font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Post-</font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Pre-</font></td>
<td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Post-</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Market Price per share </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                8.25 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                8.25 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                8.25 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                 8.25 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                8.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $             7.97 </font></td></tr>
<tr style="vertical-align: top; background-color: White">
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Exercise price per share</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                7.13 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                7.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                8.47 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.27%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.47%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.88%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: White">
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Contractual term (years)</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3.99</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5.00</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3.04</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Volatility</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">79.5%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">77.9%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">81.0%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Dividend Rate</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0%</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: White">
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted average fair value per share</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                4.98 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                5.45 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $                3.76 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: White">
<td colspan="2" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Warrant shares cancelled and exchanged</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          2,368,658 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">             455,358 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          1,986,610 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: White">
<td colspan="4" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Common (Series C Preferred for PLTG Warrants) shares issued in exchange</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          1,776,494 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">              341,518 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">          814,989 </font></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Fair Value</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $     11,797,400 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $     14,656,100 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $       2,481,300 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $        2,817,500 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $       4,081,600 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $    6,495,000 </font></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: White">
<td colspan="4" style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Incremental fair value recognized as warrant modification expense</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $       2,858,700 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $           336,200 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $    2,413,400 </font></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td colspan="17" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Warrant Exchanges - FY 2017</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 19%; padding: 0.75pt 5.4pt"> </td>
<td style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 9%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 9%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 10%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 10%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 9%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 9%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 9%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 1%; padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="width: 8%; padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">April - May 2016</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">August 2016</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">October 2016</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">December 2016</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Pre-</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Post-</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Pre-</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Post-</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Pre-</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Post-</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Pre-</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Post-</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">modification</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Market Price per share </font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $8.44 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $8.45 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $3.33 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $3.33 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $4.05 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $4.05 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $3.73 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $3.73 </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Exercise price per share</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $7.37 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $8.00 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $8.15 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $10.00 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.23%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.10%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.77%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.44%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Contractual term (years)</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.77</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.58</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.40</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.003</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Volatility</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">79.0%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">87.0%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">93.0%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">100.3%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Dividend Rate</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0%</font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted average fair value per share</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $5.37 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $1.64 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $1.27 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $-   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Warrant shares cancelled and exchanged</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 41,649 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 20,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 113,944 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 49,100 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Common shares issued in exchange</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 31,238 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 15,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 85,458 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 24,550 </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Fair Value</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $223,700 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $264,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $32,900 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $50,000 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $144,400 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $346,100 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $-   </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $91,600 </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 5.4pt"> </td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Incremental fair value recognized as warrant modification expense</font></td>
<td style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $40,300 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $17,100 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $201,700 </font></td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding: 0.75pt 5.4pt"> </td>
<td nowrap="nowrap" style="padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $91,600 </font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
2368658
455358
1986610
41649
20000
113944
49100
1776494
341518
814989
31238
15000
85458
24550
11797400
14656100
2481300
2817500
4081600
6495000
223700
264000
32900
50000
144400
346100
0
91600
2858700
336200
2413400
40300
17100
201700
91600
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2015, we modified certain outstanding
warrants to purchase an aggregate of 54,576 shares of our common stock to reduce their exercise price. We calculated the fair value
of the modified warrants immediately before and after the modifications and determined that the fair value of the warrants increased
by an aggregate of $122,300, which we recognized as a component of warrant modification expense which is included in general and
administrative expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year
ended March 31, 2016. The warrants subject to the exercise price modifications were valued using the Black-Scholes Option Pricing
Model and the following assumptions:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Assumption:</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Pre-modification</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Post-modification</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 63%; text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Market price per share</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="width: 15%; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">10.00</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">10.00</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Exercise price per share (weighted average)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">30.23</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">11.92</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Risk-free interest rate (weighted average)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.83%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.83%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Remaining contractual term in years (weighted average)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2.26</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2.26</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Volatility (weighted average)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">73.7%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">73.7%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Dividend rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.0%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.0%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Fair Value per share (weighted average)</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>1.55</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>3.79</b></font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2015, our Board of Directors
(the <i>Board</i>) authorized the modification of outstanding warrants to purchase an aggregate of 1,123,533 shares of our common
stock, including warrants to purchase an aggregate of 600,000 shares granted in September 2015 to company officers, independent
members of the Board and a key scientific advisor to reduce the exercise prices thereof to $7.00 per share and to extend through
March 19, 2019 the expiration date of such warrants to purchase an aggregate of 10,803 shares of our unregistered common stock
otherwise scheduled to expire during calendar 2016. We calculated the fair value of the modified warrants immediately before and
after the modifications and determined that the fair value of the warrants increased by an aggregate of $492,600. We recognized
$357,500 of such increase as a component of general and administrative expense in the accompanying Consolidated Statement of Operations
and Comprehensive Loss for the fiscal year ended March 31, 2016, and the remaining $135,100 as a component of research and development
expense in the same period. The warrants subject to the exercise price modifications were valued using the Black-Scholes Option
Pricing Model and the following assumptions:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Assumption:</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Pre-modification</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Post-modification</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 63%; text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Market price per share</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="width: 15%; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">6.50</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">6.50</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Exercise price per share (weighted average)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">9.97</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">7.00</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Risk-free interest rate (weighted average)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">1.74%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">1.75%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Remaining contractual term in years (weighted average)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">5.13</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">5.16</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Volatility (weighted average)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">78.8%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">78.7%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Dividend rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.0%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.0%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Fair Value per share (weighted average)</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>3.65</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>4.08</b></font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted with respect to the exchange
of the Other Warrants into shares of our common stock, in January 2016, we extended the term of certain warrants to purchase an
aggregate of 91,230 unregistered shares of our common stock otherwise due to expire between January 31, 2016 and June 11, 2016
by three months. We calculated the fair value of the extended warrants immediately before and after the extension and determined
that the fair value of the warrants increased by an aggregate of $45,700, which we treated as an additional component of warrant
modification expense for the fiscal year ended March 31, 2016 in the accompanying Consolidated Statement of Operations and Comprehensive
Loss. The warrants subject to the term extension were valued using the Black-Scholes Option Pricing Model and the following weighted
average assumptions:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Assumption:</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Pre-modification</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Post-modification</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 64%; text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Market price per share</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="width: 13%; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">8.25</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">8.25</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Exercise price per share</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">12.99</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">12.99</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.28%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.36%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Remaining contractual term in years</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.15</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.40</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Volatility</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">91.2%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">91.2%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Dividend rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.0%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.0%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Fair Value per share</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>0.30</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>0.80</b></font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2016, the Board authorized
the modification of an outstanding warrant to both alter the exercise terms and increase the number of shares for which the warrant
was exercisable. We calculated the fair value of the warrant immediately before and after the modification using the Black Scholes
Option Pricing Model and the assumptions indicated in the table below. We recognized the additional fair value, $76,900, as warrant
modification expense, included as a component of general and administrative expenses, in our Condensed Consolidated Statement
of Operations and Comprehensive Loss for the fiscal year ended March 31, 2017.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Assumption:</b></font></td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Pre-modification</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Post-modification</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 64%; text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Market price per share</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="width: 13%; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">3.51</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">3.51</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Exercise price per share</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">8.00</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">3.51</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Risk-free interest rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">1.88%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2.07%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Remaining contractual term in years</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">426</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">5.03</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Volatility</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">87.1%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">85.8%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Dividend rate</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.0%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0.0%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Number of warrant shares</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">25,000</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">50,000</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Weighted average fair value per share</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>1.71</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>2.39</b></font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements
in conformity with U.S. generally accepted accounting principles (<i>U.S. GAAP</i>) requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.  Significant estimates include, but are not limited to, those relating to stock-based
compensation, revenue recognition, and the assumptions used to value warrants, warrant modifications and warrant liabilities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Principles of Consolidation</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial
statements include the Company’s accounts, VistaStem’s accounts and the accounts of VistaStem’s two wholly-owned
inactive subsidiaries, Artemis Neurosciences and VistaStem Canada.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents are considered
to be highly liquid investments with maturities of three months or less at the date of purchase.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Property and Equipment</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment is stated at cost.
Repairs and maintenance costs are expensed in the period incurred. Depreciation is calculated using the straight-line method over
the estimated useful lives of the assets. The estimated useful lives of property and equipment range from five to seven years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Impairment of Long-Lived Assets</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our long-lived assets consist of property
and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances
indicate that the carrying amount of the assets may not be fully recoverable. Factors that we consider in deciding when to perform
an impairment review include significant underperformance of the business in relation to expectations, significant negative industry
or economic trends, and significant changes or planned changes in our use of the assets. An impairment loss would be recognized
when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The
impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based
on discounted cash flows. To date, we have not recorded any impairment losses on long-lived assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Revenue Recognition</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have historically generated revenue principally
from collaborative research and development arrangements, licensing and technology transfer agreements, including strategic licenses
or sublicenses, and government grants. Revenue arrangements with multiple components are divided into separate units of accounting
if certain criteria are met, including whether the delivered component has stand-alone value to the customer. Consideration received
is allocated among the separate units of accounting based on their respective selling prices.  The selling price for
each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available,
or estimated selling price if neither VSOE nor third party evidence is available.  The applicable revenue recognition
criteria are then applied to each of the units.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recognize revenue when four basic criteria
of revenue recognition are met: (i) a contractual agreement exists; (ii) the transfer of technology has been completed
or services have been rendered; (iii) the fee is fixed or determinable; and (iv) collectability is reasonably assured.
For each source of revenue, we comply with the above revenue recognition criteria in the following manner:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">Collaborative arrangements typically consist of non-refundable and/or exclusive up front technology access fees, cost reimbursements for specific research and development spending, and future product development milestone and royalty payments.  If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred.  Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no objective and reliable evidence of the fair value of those obligations.  We recognize non-refundable upfront technology access fees under agreements in which we have a continuing performance obligation ratably, on a straight-line basis, over the period during which we are obligated to provide services.  Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collectability is reasonably assured.  Payments received related to substantive, performance-based “at-risk” milestones are recognized as revenue upon achievement of the milestone event specified in the underlying contracts, which represent the culmination of the earnings process.  Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees, development and/or regulatory milestone payments and/or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of the continuing research and development efforts. Otherwise, revenue is recognized over the period of our continuing involvement, and, in the case of development and/or regulatory milestone payments, when the applicable event triggering such a payment has occurred.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">Government grants, which support our research efforts on specific projects, generally provide for reimbursement of approved costs as defined in the terms of grant awards. Grant revenue is recognized when associated project costs are incurred.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Research and Development Expenses</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and development expenses are composed
of both internal and external costs.  Internal costs include salaries and employment-related expenses of scientific personnel
and direct project costs.  External research and development expenses consist primarily of costs associated with clinical
and non-clinical development of AV-101, our prodrug candidate in clinical development for MDD, sponsored stem cell research and
development costs, and costs related to the application and prosecution of patents related to AV-101 and our stem cell technology
platform. All such costs are charged to expense as incurred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Stock-Based Compensation</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recognize compensation cost for all stock-based
awards to employees based on the grant date fair value of the award.  We record non-cash, stock-based compensation expense
over the period during which the employee is required to perform services in exchange for the award, which generally represents
the scheduled vesting period.  We have granted no restricted stock awards to employees nor do we have any awards with
market or performance conditions.  For option grants to non-employees, we re-measure the fair value of the awards as
they vest and the resulting value is recognized as an expense during the period over which the services are performed. Compensatory
grants of stock to non-employees are generally treated as fully-earned at the time of the grant and the non-cash expense recognized
is based on the quoted market price of the stock on the date of grant.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Taxes</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We account for income taxes using the asset
and liability approach for financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and
their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that
includes the enactment date. Valuation allowances are established, when necessary, to reduce the deferred tax assets to an amount
expected to be realized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentrations of Credit Risk</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments, which potentially
subject us to concentrations of credit risk, consist of cash and cash equivalents. Our investment policies limit any such investments
to short-term, low-risk investments. We deposit cash and cash equivalents with quality financial institutions and are insured to
the maximum of federal limitations. Balances in these accounts may exceed federally insured limits at times.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Warrant Liability</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we did not have a warrant liability
at March 31, 2017 or 2016, in conjunction with certain Senior Secured Convertible Promissory Notes that we issued to Platinum Long
Term Growth VII, LLC (<i>PLTG</i>) between October 2012 and July 2013 and the related warrants, and the contingently issuable Series
A Exchange Warrant (collectively, the <i>PLTG Warrants</i>), we determined that the PLTG Warrants included certain exercise price
and other adjustment features requiring them to be treated as liabilities. Accordingly, the PLTG Warrants were recorded at their
issuance-date estimated fair values and marked to market at each subsequent reporting period, recording the change in the fair
value as non-cash expense or non-cash income. The key component in determining the fair value of the PLTG Warrants and the related
liability was the market price of our common stock, which is subject to significant fluctuation and is not under our control. The
resulting change in the fair value of the warrant liability on our net loss was therefore also subject to significant fluctuation
and would have continued to be so until all of the PLTG Warrants were issued and exercised, amended or expired. Assuming all other
fair value inputs remained generally constant, we recorded an increase in the warrant liability and non-cash losses when our stock
price increased and a decrease in the warrant liability and non-cash income when our stock price decreased.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, and as disclosed
in Note 9, <i>Capital Stock</i>, in May 2015, we entered into an agreement with PLTG pursuant to which PLTG agreed to amend the
PLTG Warrants to (i) fix the exercise price thereof at $7.00 per share, (ii) eliminate the exercise price reset features and (iii)
fix the number of shares of our common stock issuable thereunder.  This agreement and the related amendments to the PLTG
Warrants resulted in the elimination of the warrant liability with respect to the PLTG Warrants during the quarter ended June 30,
2015 and the recognition of a non-cash loss of $1,874,700 in that quarter, reflecting the change in the fair value of the PLTG
Warrants between March 31, 2015 and the date of their amendment. As further disclosed in Note 9, <i>Capital Stock</i>, the PLTG
Warrants, including the right to receive the Series A Exchange Warrant, were cancelled in exchange for our issuance of shares of
our Series C Preferred stock to PLTG in January 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Comprehensive Loss</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have no components of other comprehensive
loss other than net loss, and accordingly our comprehensive loss is equivalent to our net loss for the periods presented.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Loss per Common Share Attributable
to Common Stockholders</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: black">Basic net income
(loss) attributable to common stockholders per share of common stock excludes the effect of dilution and is computed by dividing
net income (loss) less</font> <font style="color: windowtext">the accrual for dividends on our Series B Preferred and the deemed
dividend attributable to the issuance of our Series B Preferred Units </font><font style="color: black">by the weighted-average
number of shares of common stock outstanding for the period. Diluted net income (loss) attributable to common stockholders per
share of common stock reflects the potential dilution that could occur if securities or other contracts to issue shares of common
stock were exercised or converted into shares of common stock. In calculating diluted net income (loss) attributable to common
stockholders per share, we have historically adjusted the numerator for the change in the fair value of the warrant liability attributable
to any outstanding PLTG Warrants, only if dilutive, and increased the denominator to include the number of potentially dilutive
common shares assumed to be outstanding during the period using the treasury stock method. The change in the fair value of the
warrant liability, which was last recognized in the first quarter of our fiscal year ended March 31, 2016, had no impact on the
diluted net loss per share calculation for that fiscal year.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of our net loss for both years
presented, potentially dilutive securities were excluded from the computation of diluted loss per share, as their effect would
be antidilutive.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic and diluted net loss attributable
to common stockholders per share was computed as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: top; background-color: white; text-align: right"> </td>
<td style="vertical-align: top; background-color: white; text-align: right"> </td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Fiscal Years Ended March 31,</b></font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"> </td>
<td colspan="3" style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> 2017</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> 2016</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt"> Numerator:</font></td>
<td colspan="3" style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: left"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: white; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Net loss attributable to common stockholders for basic and diluted earnings per share</font></td>
<td colspan="3" style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(11,623,600</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(51,419,000</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"> </td>
<td colspan="3" style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt"> Denominator:</font></td>
<td colspan="3" style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: white; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> Weighted average basic and diluted common shares outstanding</font></td>
<td colspan="3" style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">7,531,642</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">1,767,957</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"> </td>
<td colspan="3" style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"><font style="font-size: 8pt"> Basic and diluted net loss attributable to common stockholders per common share</font></td>
<td colspan="3" style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(1.54</font></td>
<td style="padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(29.08</font></td>
<td style="padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Potentially dilutive securities excluded in
determining diluted net loss per common share for the fiscal years ended March 31, 2017 and 2016 are as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>As of March 31,</b></font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2017</b></font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2016</b></font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Series A Preferred stock issued and outstanding (1)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">750,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">750,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Series B Preferred stock issued and outstanding (2)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,160,240</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3,663,077</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Series C Preferred stock issued and outstanding (3)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,318,012</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,318,012</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Outstanding options under the 2016 (formerly 2008) and 1999 Stock Incentive Plans</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,659,324</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">336,987</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Outstanding warrants to purchase common stock</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">4,577,631</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,907,221</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Total</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">10,465,207</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">8,975,297</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">____________</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td colspan="3" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with PLTG, as amended               </font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td colspan="3" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">(2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015               </font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
<tr>
<td colspan="3" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016               </font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: justify"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Recent Accounting Pronouncements</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the following recent accounting
pronouncements or changes in accounting pronouncements are of significance or potential significance to the Company.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: windowtext">In May 2014,
the Financial Accounting Standards Board (the <i>FASB</i>) issued ASU No. 2014-09, <i>Revenue from Contracts with Customers</i>
(Topic 606), which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new
standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the
consideration that the company expects to receive for those goods or services. The standard creates a five-step model that requires
entities to exercise judgment when considering the recognition of revenue, including (1) identifying the contract(s) with the customer,
(2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the
transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied.
The standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising
from customer contracts, including qualitative and quantitative information about contracts with customers, significant judgments
and changes in judgments and assets recognized with respect to costs incurred to obtain or fulfill a contract. </font><font style="color: black; background-color: white">The
FASB has continued to issue accounting standards updates to clarify and provide implementation guidance related to Revenue from
Contracts with Customers, including ASU 2016-08<i>, Revenue from Contract with Customers: Principal versus Agent Considerations</i>,
ASU 2016-10, <i>Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing</i>, and ASU 2016-12,
<i>Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients.</i> These amendments</font> <font style="color: windowtext">address
a number of areas, including a company’s identification of its performance obligations in a contract, collectability, non-cash
consideration, presentation of sales tax and a company’s evaluation of the nature of its promise to grant a license of intellectual
property and whether or not that revenue is recognized over time or at a point in time. These new standards will be effective for
our fiscal year beginning April 1, 2018, with earlier adoption permitted. We have completed our initial assessment of the new guidance
and will be developing an implementation plan to evaluate the accounting and disclosure requirements under the new standards. Based
on our assessment to date, we do not believe that adoption of Topic 606 and the related standards will have a material impact on
our consolidated financial statements. We have not yet finalized our transition method for adoption of the new standards.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: black">In
August 2014, the FASB issued ASU No. 2014-15, <i>Presentation of Financial Statements—Going Concern (Subtopic
205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern</i>
(<i>ASU 2014-15</i>)<i>.</i></font> <font style="color: windowtext">The ASU sets forth a requirement for management to
evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a
going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards.
Specifically, the amendments (1) provide a definition of the term substantial doubt; (2) require an evaluation every
reporting period, including interim periods; (3) provide principles for considering the mitigating effect of
management’s plans; (4) require certain disclosures when substantial doubt is alleviated as a result of consideration
of management’s plans; (5) require an express statement or other disclosures when substantial doubt is not alleviated;
and (6) require an assessment for a period of one year after the date the financial statements are issued or available to be
issued. </font><font style="color: black">Substantial doubt about an entity’s ability to continue as a going concern
exists when relevant conditions and events, considered in the aggregate, indicate that it is probable (as defined under ASC
450, <i>Contingencies</i>) that the entity will be unable to meet its obligations as they become due within one year after
the date that the financial statements are issued or are available to be issued. If substantial doubt exists, the extent of
the required disclosures depends on an evaluation of management’s plans (if any) to mitigate the going concern
uncertainty. This evaluation should include consideration of conditions and events that are either known or are reasonably
knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable
that management's plans to address the substantial doubt will be implemented and, if so, whether it is probable that the
plans will alleviate the substantial doubt. We adopted ASU 2014-15 for our fiscal year ended March 31, 2017 and Note 2, <i>Basis
of Presentation and Going Concern</i>, includes our disclosures regarding substantial doubt about our ability to continue as a going
concern and the steps we have planned to alleviate such doubt for the twelve months following the date of the issuance of
these Consolidated Financial Statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2015, the FASB issued ASU No. 2015-03,
<i>Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</i>. The amendments
in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct
deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective
for financial statements issued for fiscal years ending after December 31, 2015, and interim periods within those fiscal years.
We have adopted this ASU effective with our fiscal year beginning April 1, 2016, but have incurred no debt issuance costs since
that date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2015, the FASB issued ASU No.
2015-17, <i>Balance Sheet Classification of Deferred Taxes</i>, which amends existing guidance on income taxes to require the classification
of all deferred tax assets and liabilities as non-current on the balance sheet. We have adopted this ASU effective with our fiscal
year beginning April 1, 2017 on a prospective basis. We do not expect this ASU to have a material impact on our consolidated financial
statements</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2016, the FASB issued ASU No.
2016-01, <i>Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</i>. The
updated guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition,
measurement, presentation and disclosure. The amendment to the standard is effective for financial statements issued for our fiscal
year beginning April 1, 2018. We do not believe that this ASU will have a material impact on our consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02,
<i>Leases</i> (<i>ASC 842</i>), which will replace the existing guidance in ASC 840, <i>Leases</i>, and which sets out the principles
for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors).
The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the
principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether
lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively.
A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months
regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to the current guidance
for operating leases. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2018,
and interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact that
this new guidance will have on our consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2016, the FASB issued ASU No. 2016-09,
<i>Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</i> which includes
multiple provisions intended to simplify several aspects of accounting for share-based payment transactions, including income tax
consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense
with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The standard
is effective for our fiscal year beginning April 1, 2017. We are evaluating the impact of this ASU on our consolidated financial
statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="background-color: white">In
August 2016, the FASB issued ASU No. 2016-15, </font><i>Statement of Cash Flows (Topic 230): Classification of Certain
Cash Receipts and Cash Payments</i><font style="background-color: white">. The standard</font> reduces the diversity in practice
of how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance addresses
the following eight specific cash flow issues: (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon
debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest
rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement
of insurance claims, (5) proceeds from settlement of corporate-owned life insurance policies, including bank-owned life insurance
policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transitions and (8)
separately identifiable cash flows and application of predominance principle. The guidance will be effective for our fiscal year
beginning April 1, 2018, and early adoption is permitted. The guidance requires retrospective adoption. We are evaluating the impact
of this ASU on our consolidated financial statements and related disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2016, the FASB issued ASU No.
2016-18, <i>Statement of Cash Flows (Topic 230): Restricted Cash</i> that changes the presentation of restricted cash and cash
equivalents on the statement of cash flows. Restricted cash and restricted cash equivalents must be included with cash and cash
equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This
standard is effective for our fiscal year beginning April 1, 2018, but early adoption is permissible. As we do not currently have
nor have we historically had restricted cash or restricted cash equivalents, we do not believe that this ASU will have a material
impact on our consolidated financial statements. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Series A Preferred Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2011, our Board of Directors
authorized the creation of a series of up to 500,000 shares of Series A Preferred, par value $0.001 (<i>Series A Preferred</i>).  Each
restricted share of Series A Preferred was initially convertible at the option of the holder into one-half of one restricted share
of our common stock.  The Series A Preferred ranks prior to the common stock for purposes of liquidation preference.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series A Preferred has no separate dividend
rights, however, whenever the Board of Directors declares a dividend on the common stock, each holder of record of a share of Series
A Preferred shall be entitled to receive an amount equal to such dividend declared on one share of common stock multiplied by the
number of shares of common stock into which such share of Series A Preferred could be converted on the Record Date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except with respect to transactions upon
which the Series A Preferred shall be entitled to vote separately as a class, the Series A Preferred has no voting rights. The
restricted common stock into which the Series A Preferred is convertible shall, upon issuance, have all of the same voting rights
as other issued and outstanding shares of our common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of the liquidation, dissolution
or winding up of the affairs of the Company, after payment or provision for payment of our debts and other liabilities, the holders
of Series A Preferred then outstanding shall be entitled to receive an amount per share of Series A Preferred calculated by taking
the total amount available for distribution to holders of all of our outstanding common stock before deduction of any preference
payments for the Series A Preferred, divided by the total of (x), all of the then outstanding shares of our common stock, plus
(y) all of the shares of our common stock into which all of the outstanding shares of the Series A Preferred can be converted before
any payment shall be made or any assets distributed to the holders of the common stock or any other junior stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At March 31, 2017 and 2016, there were 500,000
restricted shares of Series A Preferred outstanding, convertible into 750,000 shares of our common stock at the option of the holder,
all held by PLTG or its affiliates and a third party to whom PLTG transferred certain of the shares. PLTG initially acquired the
Series A Preferred pursuant to certain transactions with us that occurred between December 2011 and June 2012, the latter of which
involved, among other considerations, the exchange of common stock then owned by PLTG for shares of Series A Preferred. The common
shares exchanged for shares of Series A Preferred are treated as treasury stock in the accompanying Consolidated Balance Sheets
at March 31, 2017 and 2016</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Series B Preferred Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2014, our Board of Directors authorized
the creation of a class of Series B Preferred Stock. In May 2015, we filed a Certificate of Designation of the Relative Rights
and Preferences of the Series B 10% Preferred Stock of VistaGen Therapeutics, Inc. (<i>Certificate of Designation</i>) with the
Nevada Secretary of State to designate 4.0 million shares of our authorized preferred stock as Series B Preferred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each share of Series B Preferred is convertible,
at the option of the holder (<i>Voluntary Conversion</i>), into one (1) share of our Common Stock, subject to adjustment only for
customary stock dividends, reclassifications, splits and similar transactions set forth in the Certificate of Designation. All
outstanding shares of Series B Preferred are also convertible automatically on a one-to-one basis into shares of our Common Stock
(<i>Automatic Conversion</i>) upon the closing or effective date of any of the following transactions or events: (i) a strategic
transaction involving AV-101 with an initial up-front cash payment to us of at least $10.0 million; (ii) a registered public offering
of our common stock with aggregate gross proceeds to us of at least $10.0 million; or (iii) for 20 consecutive trading days, our
common stock trades at least 20,000 shares per day with a daily closing price of at least $12.00 per share; provided, however,
that Automatic Conversion and Voluntary Conversion (collectively, <i>Conversion</i>) are subject to certain beneficial ownership
blockers as set forth in the Certificate of Designation and/or securities purchase agreements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: black">Prior to Conversion,
shares of Series B Preferred accrue in-kind dividends (payable only in unregistered shares of our common stock) at a rate of 10%
per annum (<i>Accrued Dividends</i>).  The Accrued Dividends are payable on the date of either a Voluntary Conversion
or Automatic Conversion solely in that number of shares of common stock equal to the Accrued Dividends. At March 31, 2017, we have
recognized a liability in the amount of $1,577,800 for Accrued Dividends in the</font> <font style="color: windowtext">accompanying
Consolidated Balance Sheet at March 31, 2017, </font><font style="color: black">based on the Series B Preferred issued and outstanding,
net of conversions to common stock, through that date. We have recognized a deduction from net loss of $1,257,000 and $2,140,500
related to dividends on Series B Preferred in arriving at net loss attributable to common stockholders in the</font> <font style="color: windowtext">accompanying
Consolidated Statement of Operations and Comprehensive Loss for the fiscal years ended March 31, 2017 and 2016, respectively. The
liquidation value of the Series B Preferred at March 31, 2017 is approximately $9,699,500.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the completion of the May
2016 Public Offering, which occurred concurrently with and facilitated the listing of our common stock on the NASDAQ Capital
Market, approximately 2.4 million shares of Series B Preferred were converted automatically into approximately 2.4 million
shares of our common stock pursuant to the Automatic Conversion provision. At March 31, 2017, there were 1,160,240 shares of
Series B Preferred outstanding, which shares are currently subject to beneficial ownership blockers and are exchangeable at
the option of the respective holders by Voluntary Conversion, or pursuant to Automatic Conversion to the extent not otherwise
subject to beneficial ownership blockers, into an aggregate of 1,160,240 shares of our common stock. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Series C Preferred Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: windowtext">In January
2016, our Board authorized the creation of and, accordingly, </font><font style="color: black">we filed a Certificate of Designation
of the Relative Rights and Preferences of the Series C Convertible Preferred Stock of VistaGen Therapeutics, Inc. (the <i>Series
C Preferred</i> <i>Certificate of Designation</i>) with the Nevada Secretary of State to designate 3.0 million shares of our
preferred stock, par value $0.001 per share, as Series C Convertible Preferred Stock (<i>Series C Preferred</i>). Upon liquidation,
each share of Series C Preferred ranks pari-passu with our Series B Preferred and our Series A Preferred, and is convertible, at
the option of the holder into one share of our common stock, subject to certain beneficial ownership limitations as set forth in
the Series C Preferred Certificate of Designation. Shares of the Series C Preferred do not accrue dividends, and holders of the
Series C Preferred have no voting rights. Each share of Series C Preferred is convertible into one (1) share of our common stock.
At March 31, 2017, PLTG or its affiliates held all 2,318,012 outstanding shares of Series C Preferred.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>2014 Unit Private Placement</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between late-March 2014 and May 14, 2015,
we entered into securities purchase agreements with accredited investors for the self-placed 2014 Unit Private Placement pursuant
to which we sold 2014 Units consisting of (i) promissory notes (<i>2014 Unit Notes</i>) in the aggregate face amount of $3,413,500
due between March 31, 2015 and May 15, 2015 or automatically convertible into securities issuable upon our consummation of a Qualified
Financing, as defined in the note; (ii) an aggregate of 315,850 restricted shares of our common stock; and (iii) warrants exercisable
through December 31, 2016 to purchase an aggregate of 307,100 restricted shares of our common stock at an exercise price of $10.00
per share. We received aggregate cash proceeds of $3,413,500 from the 2014 Unit Private Placement. We sold 2014 Units resulting
in $280,000 of cash proceeds during our fiscal year ended March 31, 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>May 2015 Agreement with PLTG</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2015, we entered into an Agreement
with PLTG (the <i>PLTG Agreement</i>) pursuant to which PLTG:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">Converted into 641,335 shares of Series B Preferred all of the approximately $4.5 million outstanding balance (principal and accrued but unpaid interest) of the Senior Secured Notes we had previously issued to PLTG;</font></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">Released in their entirety its security interests in our assets and those of our subsidiaries by terminating the Amended and Restated Security Agreement, IP Security Agreement and Negative Covenant, each of which had been executed in October 2012;</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">Converted into 240,305 shares of Series B Preferred and five-year warrants to purchase 240,305 shares of our common stock at a fixed exercise price of $7.00 per share (<i>Series B</i> <i>Warrants</i>) all of the approximately $1.3 million outstanding balance (principal and accrued but unpaid interest) of the 2014 Unit Notes that we issued to PLTG;</font></td></tr>
<tr>
<td style="vertical-align: top; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">Purchased approximately $1.5 million (including accrued but unpaid interest thereon) of outstanding 2014 Unit Notes we had previously issued to various accredited investors from the respective holders thereof (<i>Acquired Unit Notes</i>) and converted the entire approximately $1.5 million outstanding balance of the Acquired Unit Notes into 265,699 shares of Series B Preferred and Series B Warrants to purchase 265,699 shares of our common stock;</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">Entered into a Securities Purchase Agreement (<i>SPA</i>) to purchase from us, in our self-placed private placement, for $1.0 million, a total of 142,857 shares of Series B Preferred and a Series B Warrant to purchase 142,857 shares of our common stock, which purchase was consummated and the shares and warrants issued;</font></td></tr>
<tr>
<td style="vertical-align: top; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">Amended the PLTG Warrants previously issued to PLTG in connection with the Senior Secured Notes and the Series A Exchange Warrant to (i) fix the exercise price thereof, (ii) eliminate the exercise price reset features; (iii) fix the number of shares of our common stock issuable thereunder, and (iv) eliminate the cashless exercise provisions from the PLTG Warrants, as described in Note 4. <i>Fair Value Measurements</i>; and</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">Agreed to refrain from the sale of any shares of our common stock held by PLTG or its affiliates until the earlier to occur of an effective registration statement under the Securities Act of 1933, as amended, relating to resale of certain shares of common stock issuable upon conversion of shares of Series B Preferred held by PLTG, or the closing price of our common stock is at least $15.00 per share.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: black">As additional
consideration under the PLTG Agreement, we issued to PLTG 400,000 shares of Series B Preferred (<i>Additional Consideration Shares</i>)
and Series B Warrants (<i>Additional Consideration Warrants</i>) to purchase 1.2 million shares of our common stock, and exchanged
30,000 shares of our common stock then beneficially owned or controlled by PLTG for 30,000 shares of Series B Preferred.</font>
<font style="color: windowtext">Considering the exchangeability of the Series B Preferred into our common stock, the dividend applicable
to the Series B Preferred prior to such exchange, and other factors, we determined that the fair value of a share of Series B Preferred
issued to PLTG pursuant to the PLTG Agreement was equal to the market value of a share of our common stock on the effective date
of the PLTG Agreement. Based on the $10.00 per share fair value of the Series B Preferred at the effective date of the PLTG Agreement,
we issued Additional Consideration Shares having an aggregate fair value of $4.0 million to PLTG. We valued the Additional Consideration
Warrants at an aggregate of $8,270,900 using the Black Scholes option pricing model and </font><font style="color: black">the following
assumptions: market price per share: $10.00; exercise price per share: $7.00; risk-free interest rate: 1.58%; contractual term:
5.00 years; volatility: 76.5%; expected dividend rate: 0%. We recognized the aggregate fair value of the Additional Consideration
Shares and Additional Consideration Warrants, $12,270,900, as a component of l</font><font style="color: windowtext">oss on debt
extinguishment in the second quarter of our fiscal year ended March 31, 2016.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Conversion of Debt Securities into
Series B Preferred and Loss on Extinguishment of Debt</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in Note 8, <i>Notes Payable</i>,
during the first and second quarters of our fiscal year ended March 31, 2016, we extinguished a substantial portion of our outstanding
indebtedness, including all of our senior secured promissory notes issued to PLTG, all except $58,800 principal of our unsecured
promissory notes, and a significant portion of outstanding accounts payable and accrued expenses, by converting such indebtedness
into shares of our Series B Preferred. In most instances, the consideration given upon conversion was limited to shares of Series
B Preferred. In certain instances, as in the case of the Additional Consideration Warrants noted previously, we agreed to issue
new warrants or modify outstanding warrants as additional incentive provided to our counterparty to accept the equity for debt
settlement offer. Further, with respect to the 2014 Unit Notes, we determined that the Series B Preferred Unit Offering (described
below) would be treated as a Qualified Financing with respect to such notes, entitling the 2014 Unit Note holders at the time of
conversion to the 25% Qualified Financing conversion premium under the terms of the 2014 Unit Notes. Evaluating each note or debt
class separately, we determined that the conversion of each of the notes or other debt instruments into Series B Preferred should
be accounted for as an extinguishment of debt. Because, in each instance, the fair value of the consideration given exceeded the
carrying value of the debt, we incurred a loss on extinguishment in the settlement of each debt instrument or agreement. Nearly
all of the 2014 Unit Notes contained a beneficial conversion feature at the time they were originally issued. We accounted for
the repurchase of the beneficial conversion feature at the time of the extinguishment and conversion of the 2014 Unit Notes, an
aggregate of $2,237,200, as a reduction to the loss on extinguishment of debt, with a corresponding reduction to additional paid-in
capital.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the carrying
value of the debt instruments at the date they were converted into Series B Preferred, the components of the consideration given
and the resulting loss on debt extinguishment attributable to each settlement and the number of shares and warrants, if any, issued
in the settlement for each debt instrument or class. We recorded the aggregate loss on debt extinguishment, $26,700,200, in the
first and second quarters of our fiscal year ended March 31, 2016, as reflected in the accompanying Consolidated Statement of Operations
and Comprehensive Loss for the fiscal year ended March 31, 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"><font style="font-size: 8pt">Carrying</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="12" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Consideration Given</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"> Amount (Principal plus Accrued Interest less Discount)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Fair Value of Series B Preferred at Issuance</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Fair Value of Warrants at Issuance</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Incremental Fair Value of Warrant Modifications</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Repurchase of Beneficial Conversion Feature</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Loss on Extinguishment</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of Debt</p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Series B Preferred Shares Issued</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">New Warrants Issued</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Senior Secured Convertible Notes (1)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">4,489,300</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">10,413,400</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8,270,800</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(14,194,900</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,041,335</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,200,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">PLTG Unit Notes</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,345,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,403,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,656,300</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,713,700</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">240,305</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">240,305</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Acquired Unit Notes</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,487,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,657,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,827,200</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(514,900</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,481,400</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">265,699</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">265,699</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Investor Unit Notes</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,831,200</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,616,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,684,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,722,300</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(747,500</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">327,016</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">327,016</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">University Health Network note</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">628,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">937,800</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(308,900</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">93,775</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Cato Holding Company and Cato Research Ltd. notes and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,708,300</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3,285,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">222,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,800,100</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">328,571</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Morrison & Foerster Note A</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,191,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,359,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,168,000</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">192,628</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Morrison & Foerster Note B and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,510,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,571,400</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">244,200</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,305,600</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">257,143</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">McCarthy Tetrault note and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">381,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">829,200</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(447,500</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">59,230</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Burr Pilger & Mayer note and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">123,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">353,600</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(230,500</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">21,429</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Icahn School of Medicine at Mount Sinai note and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">289,500</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">676,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; text-align: right"><font style="font-size: 8pt">16,600</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(403,100</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">43,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="width: 367px; text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">National Jewish Health note</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">115,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">267,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(152,900</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">17,857</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Desjardins Securities note</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">187,400</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">450,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(262,600</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">32,143</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">MicroConstants note and accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">92,400</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">250,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(157,600</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">17,857</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Other service provider accounts payable</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">497,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">823,800</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(325,900</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">80,929</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">15,880,000</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">30,894,700</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">13,439,200</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">483,500</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(2,237,200</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(26,700,200</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">3,018,917</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">2,033,020</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="8" style="text-align: justify"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 24px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">(1)</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">Includes 400,000 Series B Preferred shares with fair value of $4,000,000 issued as Additional Consideration Shares and warrants to purchase 1,200,000 shares of common stock with fair value of $8,270,800 issued as Additional Consideration Warrants for the various agreements of PLTG pursuant to the PLTG Agreement in May 2015</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Series B Preferred Unit Offering</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between May 2015 and May 2016, in self-placed
private placement transactions, we sold to accredited investors an aggregate of $5,303,800 of units in our Series B Preferred Unit
offering, which units consisted of Series B Preferred and Series B Warrants (together <i>Series B Preferred Units</i>), including
$2,650,000 to PLTG. We issued 757,692 shares of Series B Preferred and Series B Warrants to purchase 757,692 shares of our common
stock.  During our fiscal year ended March 31, 2017, we received an aggregate of $278,000 in cash proceeds from our self-placed
private placement and sale of the Series B Preferred Units.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: black">We allocated
the proceeds from the sale of the Series B Preferred Units to the Series B Preferred and the Series B Warrants based on their relative
fair values on the dates of the sales.</font> <font style="color: windowtext">We determined that the fair value of a share of Series
B Preferred was equal to the quoted market value of a share of our common stock on the date of a Series B Preferred Unit sale.
</font><font style="color: black">We calculated the fair value of the Series B Warrants using the Black Scholes Option Pricing
Model and the weighted average assumptions indicated in the table below. The table below also presents the aggregate allocation
of the Series B Preferred Unit sales proceeds based on the relative fair values of the Series B Preferred and the Series B Warrants
as of their respective Series B Preferred Unit sales dates. The difference between the relative fair value per share of the Series
B Preferred, approximately $4.14 per share, and its Conversion Price (or stated value) of $7.00 per share represents a deemed dividend
to the purchasers of the Series B Preferred Units. Accordingly, we have recognized a deemed dividend in the aggregate amount of
$111,100 and $2,058,000 in arriving at net loss attributable to common stockholders in the</font> <font style="color: windowtext">accompanying
Consolidated Statement of Operations and Comprehensive Loss for the fiscal years ended March 31, 2017 and 2016, respectively.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="19" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Unit Warrants</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: top; background-color: white; text-align: right"> </td>
<td style="vertical-align: top; background-color: white; text-align: right"> </td>
<td style="vertical-align: top; background-color: white; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="11" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Weighted Average Issuance Date Valuation Assumptions</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Per Share</font></td>
<td style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Aggregate</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Aggregate</font></td>
<td style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td colspan="7" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Aggregate Allocation of Proceeds Based on Relative</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Warrant</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Risk free</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Fair</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Fair Value</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">  Proceeds</font></td>
<td style="text-align: left"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: left"> </td>
<td colspan="7" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Fair Value of:</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Shares</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Market</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Exercise</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Term</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Interest</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Dividend</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Value of</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">of Unit</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">of Unit</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Unit</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Unit</font></td></tr>
<tr>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Issued</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Price</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Price</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">(Years)</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Rate</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Volatility</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Rate</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Warrant</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Warrants</font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Sales</font></td>
<td style="text-align: left"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Stock</font></td>
<td style="text-align: left"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">Warrant</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"> 757,692</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">  10.34</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">  7.00</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"> 5.00</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1.60%</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">77.36%</font></td>
<td style="text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0.0%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">  7.27</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">5,512,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"> 5,303,800</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3,134,800</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="4" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"> 2,169,000</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Registration Statement for Common
Stock underlying Series B Preferred and Series B Warrants</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities purchase agreements for the
Series B Preferred and Series B Preferred Units executed with PLTG, the holders of the Investor Unit Notes, the holders of our
promissory notes and other indebtedness converted into shares of Series B Preferred, initial investors in Series B Preferred Units,
and certain others to whom we issued Series B Preferred, contained registration rights requiring that a Registration Statement
on Form S-1 (<i>Secondary Registration Statement</i>) registering, under the Securities Act of 1933, as amended, (the <i>Securities
Act</i>) , certain shares of common stock underlying the Series B Preferred and the Series B Warrants be declared effective on
or before August 30, 2015. We filed the initial Secondary Registration Statement with the SEC on July 21, 2015, which we later
amended on August 25, 2015, and which was declared effective by the SEC on August 28, 2015. The Secondary Registration Statement
registered an aggregate of 3,992,479 shares of our common stock underlying outstanding Series B Preferred and Series B Warrants.
Accordingly, we incurred no cash or in kind penalties under the securities purchase agreements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Conversion of Series B Preferred into
Common Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between September 2015 and March 2016, holders
of an aggregate of 228,818 shares of Series B Preferred voluntarily converted such shares into an equivalent number of registered
shares of our common stock. In connection with these conversions, we issued an aggregate of 6,837 shares of our restricted common
stock in payment of $50,900 in accrued dividends on the Series B Preferred that was converted.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During April 2016, holders of an aggregate
of 7,500 shares of Series B Preferred voluntarily converted such shares into an equivalent number of registered shares of our common
stock.  In connection with these conversions, we issued an aggregate of 510 shares of our unregistered common stock as
payment in full of $4,000 in accrued dividends on the Series B Preferred that was voluntarily converted.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 19, 2016, following the consummation
of the May 2016 Public Offering, an aggregate of 2,403,051 shares of Series B Preferred were automatically converted into an aggregate
of 2,192,847 registered shares of our common stock and an aggregate of 210,204 shares of our unregistered common stock. Additionally,
we issued an aggregate of 416,806 shares of our unregistered common stock as payment in full of $1,642,100 in accrued dividends
on the Series B Preferred that was automatically converted on May 19, 2016, at the rate of one share of common stock for each $3.94
of Series B Preferred accrued dividends.  On June 15, 2016, pursuant to the underwriters’ exercise of their over-allotment
option, an additional 44,500 shares of Series B Preferred were converted into 44,500 shares of our registered common stock.  We
issued an additional 9,580 shares of our unregistered common stock as payment in full of $37,400 of accrued dividends on the Series
B Preferred that was automatically converted on June 15, 2016, at the rate of one share of common stock for each $3.90 in accrued
dividends.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: windowtext">In August
2016, one of the remaining holders of our Series B Preferred </font><font style="color: black">voluntarily converted 87,500 shares
of Series B Preferred into an equivalent number of registered shares of our common stock.  In connection with this conversion,
we issued 26,258 shares of our unregistered common stock as payment in full of $85,300 in accrued dividends on the Series B Preferred
that was voluntarily converted, at the rate of one share of common stock for each $3.25 in accrued dividends.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>May 2016 Public Offering and Listing
of our Common Stock on The NASDAQ Capital Market</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective on May 16, 2016, we consummated
an underwritten public offering of our securities, pursuant to which we issued units consisting of an aggregate of 2,570,040 registered
shares of our common stock at a public sales price of $4.24 per share and five-year warrants exercisable at $5.30 per share to
purchase an aggregate of 2,705,883 shares of our common stock at a public sales price of $0.01 per warrant share, including shares
and warrants issued in June 2016 pursuant to the exercise of the underwriters’ over-allotment option. We received gross proceeds
of approximately $10.9 million and net proceeds of approximately $9.5 million from the May 2016 Public Offering, after deducting
underwriters’ commissions and other offering expenses. The warrants issued in the May 2016 Public Offering have no anti-dilution
or other exercise price or share reset features, except as is customary with respect to a change in our capital structure in the
event of a stock split or dividend, and, accordingly, we have accounted for them as equity warrants.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities included in the May 2016
Public Offering were offered, issued and sold under a prospectus filed with the Commission pursuant to an effective registration
statement (<i>Primary Registration Statement</i>) filed with the Commission on Form S-1 (File No. 333-210152) pursuant to the Securities
Act. The Primary Registration Statement was first filed with the Commission on March 14, 2016, and was declared effective on May
10, 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the completion of our
May 2016 Public Offering, NASDAQ approved our common stock for listing on The NASDAQ Capital Market. Our common stock began trading
on The NASDAQ Capital Market under the symbol “VTGN” on May 11, 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Common Stock and Warrants Issued in
Private Placement</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2016, in self-placed private
transactions, we sold to two individual accredited investor units, at a purchase price of $3.70 per unit, consisting of an aggregate
of 67,000 unregistered shares of our common stock and warrants, exercisable through November 30, 2019, to purchase an aggregate
of 16,750 unregistered shares of our common stock at an exercise price of $6.00 per share. The purchasers of the units have no
registration rights with respect to the shares of common stock, warrants or the shares of common stock issuable upon exercise of
the warrants comprising the units sold. We received aggregate cash proceeds of $247,900 in connection with this private placement,
the entire amount of which was credited to stockholders’ equity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: black">In March 2017,</font>
<font style="color: windowtext">in a self-placed private transaction, we sold to an accredited investors unit, at a purchase price
of $2.00 per unit, consisting of an aggregate of 57,250 unregistered shares of our common stock and warrants, exercisable through
April 2021, to purchase an aggregate of 28,625 unregistered shares of our common stock at an exercise price of $4.00 per share.
The purchaser of the units has no registration rights with respect to the shares of common stock, warrants or the shares of common
stock issuable upon exercise of the warrants comprising the units sold. We received aggregate cash proceeds of $114,500 in connection
with this private placement, the entire amount of which was credited to stockholders’ equity. See Note 16, <i>Subsequent
Events</i>, for disclosure of additional sales of our securities in private placement offerings.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Issuance of Common Stock, Series B
Preferred Stock and Warrants to Professional Services Providers</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During our fiscal years ended March
31, 2017 and 2016, we issued the following securities in private placement transactions as compensation for various
professional services. Unless otherwise noted, we recorded the related non-cash expense as a component of general and
administrative expense in the Consolidated Statement of Operations and Comprehensive Loss for the fiscal years ended March
31, 2017 and 2016, as appropriate.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">During the quarter ended June 30, 2015, we issued an aggregate of 25,000 unregistered shares of our Series B Preferred having a fair value of $250,000 on the date of issuance as compensation for legal services related to our debt restructuring and other corporate finance matters.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">During the quarter ended June 30, 2015, we issued an aggregate of 90,000 unregistered shares of our Series B Preferred having an aggregate value on the date of issuance of $1,350,000 as compensation for financial advisory and corporate development service contracts with two independent contractors for services to be performed through June 2016. The value of the Series B Preferred grants was recorded as a prepaid expense at the date of the grant and was expensed ratably over the twelve months ending June 2016, with $337,500 and $1,012,500 expensed during the fiscal years ended March 31, 2017 and 2016, respectively.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">During the quarter ended June 30, 2015, we also issued an aggregate of 50,000 shares of our unregistered common stock having an aggregate fair value on the date of issuance of $500,000, as compensation under two corporate development service contracts.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">During the quarter ended September 30, 2015 we issued to two providers of intellectual property-related legal services an aggregate of 10,000 unregistered shares of our Series B Preferred having an aggregate fair value on the date of issuance of $120,000.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">During the quarter ended December 31, 2015 we issued 15,750 unregistered shares of our common stock having a fair value on the date of issuance of $106,300 as partial compensation for investment banking services.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">During the quarter ended March 31, 2016, we issued an aggregate of 26,625 shares of our unregistered common stock having an aggregate fair value on the dates of issuance of $223,000 in connection with legal ($140,000) and investor relations ($83,000) services.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">During the quarter ended September 30, 2016, we issued an aggregate of 170,000 shares of our unregistered common stock having an aggregate fair value on the date of issuance of $737,800 as compensation to various professional services providers. Of that amount, we issued 120,000 shares having a fair value of $520,800 on the date of issuance for services to be rendered from October 2016 to December 2016.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">During the quarter ended December 31, 2016, we issued an aggregate of 135,000 shares of our unregistered common stock having an aggregate fair value on the respective dates of issuance of $479,800 as compensation to various professional services providers.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">During the quarter ended March 31, 2017, we issued an aggregate of 200,000 unregistered shares of our common stock, of which 150,000 unregistered shares were issued from our 2016 Stock Plan (defined below), having an aggregate fair value of $422,500 on the dates of issuance to various professional services providers.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the quarter ended December 31, 2015,
we issued warrants to purchase an aggregate of 45,000 shares of our unregistered common stock to four parties as compensation under
certain investment banking agreements. In connection with one of the warrant grants, we also issued 15,750 shares of unregistered
common stock valued at $106,300 and, in connection with another warrant grant, we made a cash payment of $20,000. In March 2016,
we issued warrants to purchase an aggregate of 230,000 shares of our common stock to eleven professional service providers in connection
with investment banking, strategic planning and financing, tax, legal and research and development consulting services. We recognized
$1,042,400 of general and administrative expense and $127,100 of research and development expense attributable to the March 2016
grants. We valued the warrants granted on the dates indicated using the Black Scholes Option Pricing Model and the following assumptions:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>November 2015</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>December 2015</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">  <b>March 2016</b>  </font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%; text-align: justify"><font style="font-size: 8pt">Market price per share</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">6.75</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">5.00</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">8.00</font></td>
<td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">7.00</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">7.00</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">8.00</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.70</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.16</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.39</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Contractual term in years</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.0</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">3.0</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.0</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Volatility</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">77.95</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">77.88</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">78.96</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Dividend rate</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Fair Value per share</b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>4.22</b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>2.12</b></font></td>
<td style="text-align: left"><font style="font-size: 8pt"><b> </b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>5.08</b></font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Warrant shares granted</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,500</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">37,500</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">230,000</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Expense recognized</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">31,700</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">79,600</font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,169,500</font></td>
<td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Warrant Exchanges into Series C Preferred
and Common Stock</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: windowtext">In January
2016, we </font><font style="color: black">entered into an Exchange Agreement (the <i>Exchange Agreement</i>) with PLTG and Montsant
Partners, LLC, an organization affiliated with PLTG (<i>Montsant</i> and, together with PLTG, the <i>Holders</i>), pursuant to
which (i) 200,000 shares of our common stock held by the Holders were exchanged for 200,000 shares of Series C Preferred; and (ii)
the Holders canceled outstanding warrants to purchase an aggregate of 2,368,658 shares of our unregistered common stock (the <i>Outstanding
PLTG Warrants</i>) in exchange for a total of 1,776,494 shares of Series C Preferred. In addition, PLTG terminated its right under
the October 2012 Note Exchange and Purchase Agreement, as amended (the <i>NEPA</i>), to receive the Series A Exchange Warrant to
purchase a total of 455,358 shares of our common stock upon conversion of all of its shares of our Series A Preferred, and, as
consideration, we issued to PLTG 341,518 shares of Series C Preferred. Upon execution of the Exchange Agreement and the termination
of PLTG’s right to receive Series A Exchange Warrants under the NEPA, we issued a Series A Exchange Warrant to purchase a
total of 80,357 shares of our common stock to the current holder of shares of Series A Preferred previously held, but subsequently
assigned, by PLTG.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the quarter ended March 31, 2016,
we entered into Warrant Exchange Agreements with certain holders of other outstanding warrants (<i>Other Warrants</i>) to purchase
an aggregate of 1,086,610 shares of our common stock pursuant to which the holders agreed to the cancellation of such warrants
in exchange for our issuance to them of an aggregate of 814,989 shares of our unregistered common stock. In connection with these
exchanges, we extended the expiration date of certain warrants by three months.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: windowtext">We accounted
for the exchange of the Outstanding PLTG Warrants, the Series A Preferred Exchange Warrant, and the Other Warrants as warrant modifications,
determining the fair value of the Outstanding PLTG Warrants and the Other Warrants, and the Series A Preferred Exchange Warrant
as if issued on the Exchange Agreement date, as of the respective exchange agreement dates, and comparing that to the fair value
of the Series C Preferred or common stock issued. </font><font style="color: black">Considering the direct exchangeability of the
Series C Preferred shares into shares of our common stock, we determined that the fair value of a share of Series C Preferred issued
pursuant to the Exchange Agreement with PLTG was equal to the market value of a share of our common stock on the date of the Exchange
Agreement. We calculated the weighted average fair value of the warrants prior to the respective exchanges using the Black Scholes
Option Pricing Model and the weighted average assumptions indicated in the table below. We determined the post-modification fair
value based on the quoted market price of our common stock on the effective date of each exchange and the number of unregistered
shares issued in each exchange, as also indicated in the table below. We recognized the amount of the incremental fair value of
the unregistered Series C Preferred or common stock issued in excess of the fair value of the warrants cancelled, $5,608,300, as
a component of warrant modification expense, which is included in general and administrative expenses in our accompanying Consolidated Statement
of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="37" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">   Warrant Exchanges - FY 2016       </font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="20" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">January 2016</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; text-align: center"> </td>
<td style="vertical-align: top; background-color: white; text-align: right"> </td>
<td colspan="8" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">January - March 2016</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="9" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PLTG</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Outstanding Warrants</p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="9" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PLTG Series A</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exchange Warrant</p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="8" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Other</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">outstanding warrants</p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pre-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Post-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pre-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Post-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pre-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Post-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Market Price per share</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8.25</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8.25</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8.25</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8.25</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8.00</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">7.97</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Exercise price per share</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">7.13</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">7.00</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8.47</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1.27</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1.47</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0.88</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Contractual term (years)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3.99</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">5.00</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3.04</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Volatility</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">79.5</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">77.9</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">81.0</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Dividend Rate</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Weighted average fair value per share</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">4.98</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">5.45</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3.76</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Warrant shares cancelled and exchanged</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,368,658</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">455,358</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,986,610</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Common (Series C Preferred for PLTG Warrants) shares issued in exchange</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,776,494</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">341,518</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">814,989</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Fair Value</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">11,797,400</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">14,656,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,481,300</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,817,500</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">4,081,600</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">6,495,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Incremental fair value recognized as warrant modification expense</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,858,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">336,200</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,413,400</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td colspan="4"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During our fiscal year ended March 31, 2017,
we entered into additional Warrant Exchange Agreements with certain other holders of outstanding warrants to purchase an aggregate
of 224,693 shares of our common stock pursuant to which the holders agreed to cancel such warrants in exchange for the issuance
of an aggregate of 156,246 unregistered shares of common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also accounted for the exchanges of
these warrants as warrant modifications, comparing the fair value of the warrants immediately prior to the exchanges with the
fair value of the unregistered common stock issued, using the same procedures as described previously. We calculated the weighted
average fair value of the warrants prior to the respective exchanges using the Black Scholes Option Pricing Model and the weighted
average assumptions indicated in the table below. We determined the post-modification fair value based on the quoted market price
of our common stock on the effective date of each exchange and the number of unregistered shares issued in the exchange, as also
indicated in the table below. We recognized the incremental fair value of the unregistered common stock issued in excess of the
fair value of the warrants cancelled, $350,700, as a component of warrant modification expense which is included in general and
administrative expenses in our accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year
ended March 31, 2017. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="36" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Warrant Exchanges - FY 2017</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">April - May 2016</font></td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">August 2016</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="7" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">October 2016</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">December 2016</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pre-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Post-</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pre-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Post-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pre-</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Post-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pre-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Post-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">modification</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Market Price per share</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8.44</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8.45</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3.33</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3.33</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">4.05</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">4.05</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3.73</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3.73</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Exercise price per share</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">7.37</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8.00</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8.15</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">10.00</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1.23</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1.10</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0.77</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0.44</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Contractual term (years)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">4.77</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">4.58</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2.40</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0.003</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Volatility</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">79.0</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">87.0</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">93.0</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">100.3</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Dividend Rate</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">0</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Weighted average fair value per share</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">5.37</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1.64</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1.27</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Warrant shares cancelled and exchanged</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">41,649</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">20,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">113,944</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">49,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Common shares issued in exchange</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">31,238</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">15,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">85,458</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">24,550</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Fair Value</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">223,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">264,000</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">32,900</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">50,000</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">144,400</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">346,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">91,600</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="4" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Incremental fair value recognized as warrant modification expense</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">40,300</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">17,100</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; width: 1%; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">201,700</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">91,600</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="width: 14px"> </td>
<td style="width: 0px"> </td>
<td> </td>
<td colspan="4" style="width: 271px; text-align: justify"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Additional Warrant Modifications</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: windowtext">In addition
to warrants modified in connection with conversions of certain of our outstanding promissory notes into Series B Preferred during
the first and second quarters of our fiscal year ended March 31, 2016, as described earlier in this note, the incremental fair
value of which modifications was included in the determination of loss on extinguishment of debt, </font><font style="color: black">and
the warrants modified in connection with the various warrant exchange transactions described immediately above, we modified other
outstanding warrants during our fiscal years ended March 31, 2017 and 2016.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: black">In</font> <font style="color: windowtext">June
2015, we modified certain outstanding warrants to purchase an aggregate of 54,576 shares of our common stock to reduce their exercise
price. We </font><font style="color: black">calculated the fair value of the modified warrants immediately before and after the
modifications and determined that the fair value of the warrants increased by an aggregate of $122,300, which we recognized as
a component of warrant modification expense which is included in general and administrative expense in the accompanying Consolidated Statement
of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016. The warrants subject to the exercise price modifications
were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Pre-modification</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Post-modification</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">10.00</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">10.00</font></td>
<td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share (weighted average)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">30.23</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">11.92</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Risk-free interest rate (weighted average)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.83</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.83</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Remaining contractual term in years (weighted average)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.26</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.26</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Volatility (weighted average)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">73.7</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">73.7</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Dividend rate</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Fair Value per share (weighted average)</b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>1.55</b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>3.79</b></font></td>
<td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: windowtext">In November
2015, our Board of Directors (the <i>Board</i>) authorized the modification of outstanding warrants to purchase an aggregate of
1,123,533 shares of our common stock, including warrants to purchase an aggregate of 600,000 shares granted in September 2015 to
company officers, independent members of the Board and a key scientific advisor to reduce the exercise prices thereof to $7.00
per share and to extend through March 19, 2019 the expiration date of such warrants to purchase an aggregate of 10,803 shares of
our unregistered common stock otherwise scheduled to expire during calendar 2016. We </font><font style="color: black">calculated
the fair value of the modified warrants immediately before and after the modifications and determined that the fair value of the
warrants increased by an aggregate of $492,600. We recognized $357,500 of such increase as a component of general and administrative
expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016,
and the remaining $135,100 as a component of research and development expense in the same period. The warrants subject to the exercise
price modifications were valued using the Black-Scholes Option Pricing Model and the following assumptions:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Pre-modification</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Post-modification</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">6.50</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">6.50</font></td>
<td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share (weighted average)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">9.97</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">7.00</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Risk-free interest rate (weighted average)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.74</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.75</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Remaining contractual term in years (weighted average)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.13</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.16</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Volatility (weighted average)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">78.8</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">78.7</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Dividend rate</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Fair Value per share (weighted average)</b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>3.65</b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>4.08</b></font></td>
<td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted with respect to the exchange of
the Other Warrants into shares of our common stock, in January 2016, we extended the term of certain warrants to purchase an aggregate
of 91,230 unregistered shares of our common stock otherwise due to expire between January 31, 2016 and June 11, 2016 by three months.
We calculated the fair value of the extended warrants immediately before and after the extension and determined that the fair value
of the warrants increased by an aggregate of $45,700, which we treated as an additional component of warrant modification expense
for the fiscal year ended March 31, 2016 in the accompanying Consolidated Statement of Operations and Comprehensive Loss. The warrants
subject to the term extension were valued using the Black-Scholes Option Pricing Model and the following weighted average assumptions:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Pre-modification</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Post-modification</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">8.25</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">8.25</font></td>
<td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">12.99</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">12.99</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.28</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.36</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Remaining contractual term in years</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.15</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.40</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Volatility</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">91.2</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">91.2</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Dividend rate</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Fair Value per share</b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>0.30</b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>0.80</b></font></td>
<td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For warrants which were extended and subsequently
exchanged, the pre-modification fair value used in the warrant exchange calculation was the post-modification term extension fair
value, since those warrants were treated as having been modified twice in a twelve-month period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2016, the Board authorized the
modification of an outstanding warrant to both alter the exercise terms and increase the number of shares for which the warrant
was exercisable. We calculated the fair value of the warrant immediately before and after the modification using the Black Scholes
Option Pricing Model and the assumptions indicated in the table below. We recognized the additional fair value, $76,900, as warrant
modification expense, included as a component of general and administrative expenses, in our Consolidated Statement of Operations
and Comprehensive Loss for the fiscal year ended March 31, 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Assumption:</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Pre-modification</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Post-modification</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Market price per share</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">3.51</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">3.51</font></td>
<td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Exercise price per share</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">8.00</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">3.51</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.88</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.07</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Remaining contractual term in years</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">4.26</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.03</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Volatility</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">87.1</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">85.8</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Dividend rate</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.0</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Number of warrant shares</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">25,000</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">50,000</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Weighted average fair value per share</b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>1.71</b></font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 8pt"><b>2.39</b></font></td>
<td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Warrants Outstanding</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following table summarizes outstanding
warrants to purchase shares of our common stock as of March 31, 2017.  The weighted average exercise price of outstanding
warrants at March 31, 2017 was $6.29 per share.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
<td style="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 33%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 23%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted</b></font></td>
<td style="width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="width: 20%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shares Subject</b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exercise</b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Average</b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>to Purchase at </b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Price</b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Expiration</b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Remaining</b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>March 31,</b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-decoration: underline; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>per Share</u></b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-decoration: underline; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Date </u></b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-decoration: underline; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Term (Years)</u></b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-decoration: underline; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>2017</u></b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$3.51 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">12/31/2021</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.75</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                       50,000 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$4.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">4/30/2021</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.08</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                       28,625 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$4.50 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">9/26/2019</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.49</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                       25,000 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$5.30 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">5/16/2021</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.13</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                  2,705,883 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$6.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">9/26/2019 to 11/30/2019</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.52</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                       97,750 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$7.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">12/11/2018 to 3/3/2023</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3.41</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                  1,346,931 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$8.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">3/25/2021</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3.98</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                     185,000 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$10.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">11/15/2017 to 1/11/2020</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.39</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                       24,394 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$20.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">9/15/2019</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.46</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                     110,448 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$30.00 </font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">11/20/2017</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.64</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                         3,600 </font></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3.82</font></td>
<td style="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"> </td>
<td style="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">                  4,577,631 </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Reserved Shares</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At March 31, 2017,we have reserved
shares of our common stock for future issuance as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Upon exchange of all shares of Series A Preferred Stock currently issued and outstanding (1)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">750,000</font></td>
<td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Upon exchange of all shares of Series B Preferred Stock currently issued and outstanding (2)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,823,700</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Upon exchange of all shares of Series C Preferred Stock currently issued and outstanding</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,318,012</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Pursuant to warrants to purchase common stock:</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">    Subject to outstanding warrants</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,577,631</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Pursuant to stock incentive plans:</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">    Subject to outstanding options under the Amended and Restated 2016 and 1999 Stock Incentive Plans</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,659,324</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">    Available for future grants under the Amended and Restated 2016 Stock Incentive Plan</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,134,911</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,794,235</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Total</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">12,263,578</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">____________</p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 24px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">(1)</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with PLTG</font></td></tr>
<tr>
<td style="vertical-align: top; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">(2)</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">includes 663,460 common shares issuable in payment of an estimated $1,658,600 in accrued dividends through April 30, 2017 at $2.50 per share</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recorded research and development
expenses of approximately $5.2 million and $3.9 million in the fiscal years ended March 31, 2017 and 2016, respectively. Research
and development expense is composed primarily of employee compensation expenses, including stock–based compensation, direct
project expenses, particularly in Fiscal 2017 related to our preparations for our AV-101 MDD Phase 2 Adjunctive Treatment Study,
and costs to maintain and prosecute our intellectual property suite, including new patent applications for AV-101 for various indications.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have the following share-based compensation
plans.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Amended and Restated 2016 Stock Incentive
Plan</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: black; background-color: white">Our
Board unanimously approved the Company’s Amended and Restated 2016 Equity Incentive Plan (“<i>2016 Plan</i>”),
formerly titled the 2008 Equity Incentive Plan, on July 26, 2016. Our stockholders approved the 2016 Plan on September 26, 2016.
The</font> <font style="color: black">2008 Stock Incentive Plan (the <i>2008 Plan</i>) was adopted by the shareholders of VistaGen
California in December 2018 and we assumed it in connection with our going-public transaction. T</font><font style="color: windowtext">he
maximum number of shares of common stock issuable under the 2016 Plan is 3.0 million shares, subject to adjustments for stock splits,
stock dividends or other similar changes in our common stock or our capital structure.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="background-color: white">Board-approved
amendments to the 2016 Plan included increasing the number of shares of our common stock authorized for issuance from 1.0 million
to 3.0 million, increasing the maximum number of shares of common stock that may be granted to a Grantee (as such term is defined
in the 2016 Plan) in any calendar year from 125,000 to 300,000 shares (350,000 shares if the grant is issued in connection with
the commencement of service to the Company), extending the expiration date of the 2016 Plan to July 26, 2026, and removing certain
provisions that only pertained to the Company or the plan before the Company became a publicly traded entity. The 2016 Plan delegates
the authority to administer the plan to the Board’s Compensation Committee (the <i>Committee</i>).</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>1999 Stock Incentive Plan</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our 1999 Stock Incentive Plan (the <i>1999
Plan</i>) was adopted by the shareholders of VistaStem on December 6, 1999 and we assumed it in connection with our going-public
transaction. We initially reserved 45,000 shares for the issuance of awards under the 1999 Plan. The 1999 Plan has terminated
under its own terms and, as a result, no awards may currently be granted under the 1999 Plan. The unexpired options and awards
that have already been granted pursuant to the 1999 Plan remain operative.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Description of the 2016 Plan</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2016 Plan provides for the grant of
stock options, restricted shares of common stock, stock appreciation rights and dividend equivalent rights, collectively referred
to as “Awards”. Stock options granted under the 2016 Plan may be either incentive stock options or non-qualified stock
options. We may grant incentive stock options only to employees of the Company or any parent or subsidiary of the Company. Awards
other than incentive stock options may be granted to employees, directors and consultants.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee administers the 2016 Plan,
including selecting the Award recipients, determining the number of shares to be subject to each Award, the exercise or purchase
price of each Award and the vesting and exercise periods of each Award.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exercise price of all incentive stock
options granted under the 2016 Plan must be at least equal to 100% of the fair market value of the shares on the date of grant.
If, however, incentive stock options are granted to an employee who owns stock possessing more than 10% of the voting power of
all classes of our stock or the stock of any of our subsidiaries, the exercise price of any incentive stock option granted may
not be less than 110% of the fair market value on the grant date. The maximum term of incentive stock options granted to employees
who own stock possessing more than 10% of the voting power of all classes of our stock or the stock of any of our subsidiaries
may not exceed five years. The maximum term of an incentive stock option granted to any other participant may not exceed 10 years.
The Committee determines the term and exercise or purchase price of all other Awards granted under the 2016 Plan.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the 2016 Plan, incentive stock options
may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of
descent or distribution and may be exercised, during the lifetime of the participant, only by the participant. Other Awards shall
be transferable:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="vertical-align: top; width: 29px; padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td>
<td style="padding: 0.75pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">by will and by the laws of descent and distribution; and</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="vertical-align: top; width: 29px; padding: 0.75pt; text-align: justify"> </td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">during the lifetime of the participant, to the extent and in the manner authorized by the Committee by gift or pursuant to a domestic relations order to members of the participant’s Immediate Family (as defined in the 2016 Plan).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The maximum number of shares with respect
to which options, restricted stock, restricted shares of common stock or stock appreciation rights may be granted to any participant
in any calendar year will be 300,000 shares of common stock. In connection with a participant’s commencement of service with
the Company, a participant may be granted options, restricted stock or stock appreciation rights for up to an additional 50,000 shares
that will not count against the foregoing limitation. In addition, for Awards of restricted stock and restricted shares of common
stock that are intended to be “performance-based compensation” (within the meaning of Section 162(m) of the Code),
the maximum number of shares with respect to which such Awards may be granted to any participant in any calendar year will be 300,000
shares of common stock. The limits described in this paragraph are subject to adjustment in the event of any change in our capital
structure as described below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms and conditions of Awards are determined
by the Committee, including the vesting schedule and any forfeiture provisions. Awards under the 2016 Plan may vest upon the passage
of time or upon the attainment of certain performance criteria. Although we do not currently have any Awards outstanding that vest
upon the attainment of performance criteria, the Committee may establish criteria based on any one of, or combination of, a number
of financial measurements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective upon the consummation of a Corporate
Transaction (as defined below), all outstanding Awards under the 2016 Plan will terminate unless the acquirer assumes or replaces
such Awards. The Committee has the authority, exercisable either in advance of any actual or anticipated Corporate Transaction
or Change in Control (as defined below) or at the time of an actual Corporate Transaction or Change in Control and exercisable
at the time of the grant of an Award under the 2016 Plan or any time while an Award remains outstanding, to provide for the full
or partial automatic vesting and exercisability of one or more outstanding unvested Awards under the 2016 Plan and the release
from restrictions on transfer and repurchase or forfeiture rights of such Awards in connection with a Corporate Transaction or
Change in Control, on such terms and conditions as the Committee may specify. The Committee also has the authority to condition
any such Award’s vesting and exercisability or release from such limitations upon the subsequent termination of the service
of the grantee within a specified period following the effective date of the Corporate Transaction or Change in Control. The Committee
may provide that any Awards so vested or released from such limitations in connection with a Change in Control, shall remain fully
exercisable until the expiration or sooner termination of the Award.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the 2016 Plan, a Corporate Transaction
is generally defined as:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="vertical-align: top; width: 29px; padding: 0.75pt; text-align: justify"> </td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">an acquisition of securities possessing more than fifty percent (50%) of the total combined voting power of our outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="vertical-align: top; width: 29px; padding: 0.75pt; text-align: justify"> </td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">a reverse merger in which we remain the surviving entity but: (i) the shares of common stock outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of securities, cash or otherwise; or (ii) in which securities possessing more than fifty percent (50%) of the total combined voting power of our outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such merger;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="vertical-align: top; width: 29px; padding: 0.75pt; text-align: justify"> </td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">a sale, transfer or other disposition of all or substantially all of the assets of the Company;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="vertical-align: top; width: 29px; padding: 0.75pt; text-align: justify"> </td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">a merger or consolidation in which the Company is not the surviving entity; or</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="vertical-align: top; width: 29px; padding: 0.75pt; text-align: justify"> </td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">a complete liquidation or dissolution.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the 2016 Plan, a Change in Control
is generally defined as: (i) the acquisition of more than 50% of the total combined voting power of our stock by any individual
or entity which a majority of our Board of Directors (who have served on our board for at least 12 months) do not recommend
our stockholders accept; (ii) or a change in the composition of our Board of Directors over a period of 12 months or
less.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless terminated sooner, the 2016 Plan
will automatically terminate in 2026. Our Board of Directors may at any time amend, suspend or terminate the 2016 Plan. To the
extent necessary to comply with applicable provisions of U.S. federal securities laws, state corporate and securities laws, the
Code, the rules of any applicable stock exchange or national market system, and the rules of any non-U.S. jurisdiction applicable
to Awards granted to residents therein, we will obtain stockholder approval of any such amendment to the 2016 Plan in such a manner
and to such a degree as required.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During our fiscal year ended March 31, 2017,
we granted from the 2016 Plan:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">options to purchase an aggregate of 655,000 shares of our common stock at an exercise price of $3.49 per share to the independent members of our Board and to our officers, including one newly-employed officer, in June 2016;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">options to purchase 125,000 shares of our common stock at an exercise price of $4.27 per share to a newly-employed officer in September 2016</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">options to purchase an aggregate of 560,000 shares of our common stock at an exercise price of $3.80 per share to the independent members of our Board, officers, non-officer employees and a consultant in November 2016; and</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">an aggregate of 150,000 unregistered shares of our common stock pursuant to four consulting agreements in March 2017.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During our fiscal year ended March 31, 2016,
we granted from the 2008 Plan:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">options to purchase an aggregate of 90,000 shares of our common stock at an exercise price of $9.25 per share to our non-officer employees and certain strategic consultants in September 2015;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">options to purchase an aggregate of 30,000 shares of our common stock at an exercise price of $8.00 per share to two parties in connection with an investor relations agreement in February 2016; and</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top; width: 48px; padding: 0.75pt; text-align: left"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: left"><font style="font-size: 8pt">options to purchase 25,000 shares of our common stock at an exercise price of $8.00 per share to a new independent member of our Board of Directors in March 2016.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The following table summarizes share-based
compensation expense, including share-based expense related to grants of warrants in prior years to certain of our officers, independent
directors, consultants and service providers, included in the accompanying Consolidated Statement of Operations and Comprehensive
Loss for the years ended March 31, 2017 and 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> Research and development expense:</td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 74%; text-align: left"> Stock option grants</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">375,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">227,700</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> Warrants granted to officer in March 2014</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,400</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> Fully-vested warrants granted to officer in September 2015</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">852,200</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">375,100</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,091,300</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> General and administrative expense:</td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> Stock option grants</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">476,200</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">93,800</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> Warrants granted to officers and directors in March 2014</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,600</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"> Fully-vested warrants granted to officers, directors and consultants in September 2015</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,840,700</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">476,200</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,950,100</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"> Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">851,300</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,041,400</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: windowtext">In September
2015, when the market price of our common stock was $9.11 per share, our Board of Directors (<i>Board</i>) authorized the grant
of fully-vested five-year warrants to purchase an aggregate of 650,000 restricted shares of our common stock at an exercise price
of $9.25 per share, including an aggregate of 600,000 of such shares to company officers and independent members of the Board.
</font><font style="color: black">We valued the new warrant grants at $5.68 per share, or an aggregate of $3,692,900, using the
Black Scholes Option Pricing Model and the following assumptions: market price per share: $9.11; exercise price per share: $9.25;
risk-free interest rate: 1.52%; contractual term: 5.0 years; volatility: 77.2%; expected dividend rate: 0%.  As indicated
in the table above, w</font><font style="color: windowtext">e recognized non-cash research and development and general and administrative
stock compensation expense in the amounts of $852,200 and $2,840,700, respectively, in the accompanying Consolidated Statement
of Operations and Comprehensive Loss for the fiscal year ended March 31, 2016.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the 150,000 unregistered
shares of common stock granted from the 2016 Plan in March 2017, an aggregate of $442,500, is reflected as an additional component
of general and administrative expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the year
ended March 31, 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We used the Black-Scholes Option Pricing
model with the following weighted average assumptions to determine share-based compensation expense related to option grants during
the fiscal years ended March 31, 2017 and 2016:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Fiscal Years Ended March 31,</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> 2017</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> 2016</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">(weighted average)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">(weighted average)</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: left"><font style="font-size: 8pt">Exercise price</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 0%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">3.69</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 0%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">8.78</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Market price on date of grant</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">3.69</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">8.69</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.51</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.99</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Expected term (years)</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">6.68</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">8.45</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Volatility</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">82.96</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">93.27</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Expected dividend yield</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.00</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.00</font></td>
<td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Fair value per share at grant date</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2.68</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">7.09</font></td>
<td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The expected term of options represents
the period that our share-based compensation awards are expected to be outstanding. We have calculated the weighted-average expected
term of the options using the simplified method as prescribed by Securities and Exchange Commission Staff Accounting Bulletins
No. 107 and No. 110 (<i>SAB No. 107 and 110</i>). The utilization of SAB No. 107 and 110 is based on the lack of
relevant historical data due to both our limited historical experience as a publicly traded company as well as the historical lack
of liquidity resulting from the limited number of freely-tradable shares of our common stock. Those factors also resulted in our
decision to utilize the historical volatilities of a peer group of public companies’ stock over the expected term of the
option in determining our expected volatility assumptions.  The risk-free interest rate for periods related to the expected
life of the options is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield
is zero, as we have not paid any dividends and do not anticipate paying dividends in the near future. We calculated the forfeiture
rate based on an analysis of historical data, as it reasonably approximates the currently anticipated rate of forfeitures for granted
and outstanding options that have not vested. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following table summarizes activity for
the fiscal years ended March 31, 2017 and 2016 under our stock option plans:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="15" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Fiscal Years Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">2016</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font-size: 8pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center">Weighted</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font-size: 8pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center">Weighted</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font-size: 8pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center">Average</td><td> </td>
<td colspan="3" style="text-align: center"> </td><td style="font-size: 8pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center">Average</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center">Number of</td><td style="font-size: 8pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center">Exercise</td><td style="font-size: 8pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center">Number of</td><td style="font-size: 8pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center">Exercise</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Price</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Price</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 48%; font-size: 8pt; text-align: left"> Options outstanding at beginning of period</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">336,987</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">9.56</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">207,638</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 10%; font-size: 8pt; text-align: right">10.09</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; background-color: white"> Options granted</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,340,000</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">3.69</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">145,000</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">8.78</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; background-color: white"> Options exercised</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; background-color: white"> Options forfeited</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">—  </td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">(10,359</td><td style="font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left">$</td><td style="font-size: 8pt; text-align: right">9.26</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt; background-color: white"> Options expired</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(17,663</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">$</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: right">15.52</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(5,292</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">$</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: right">9.42</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Options outstanding at end of period</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,659,324</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">4.76</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">336,987</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">9.56</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Options exercisable at end of period</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">351,532</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">8.27</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">201,779</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">10.11</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left">Weighted average grant-date fair value of</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; background-color: white"> options granted during the period</td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">2.69</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">7.09</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes information
on stock options outstanding and exercisable under our stock option plans as of March 31, 2017:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="7" style="font-size: 10pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Options Outstanding</td><td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Options Exercisable</td></tr>
<tr style="vertical-align: bottom">
<td colspan="7" style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center">Weighted</td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="7" style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center">Average</td><td> </td>
<td colspan="3" style="text-align: center">Weighted</td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center">Weighted</td></tr>
<tr style="vertical-align: bottom">
<td colspan="7" style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center">Remaining</td><td> </td>
<td colspan="3" style="text-align: center">Average</td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center">Average</td></tr>
<tr style="vertical-align: bottom">
<td colspan="7" style="text-align: center">Exercise</td><td> </td>
<td colspan="3" style="text-align: center">Number</td><td> </td>
<td colspan="3" style="text-align: center">Years until</td><td> </td>
<td colspan="3" style="text-align: center">Exercise</td><td> </td>
<td colspan="3" style="text-align: center">Number</td><td> </td>
<td colspan="3" style="text-align: center">Exercise</td></tr>
<tr style="vertical-align: bottom">
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Price</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Outstanding</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Expiration</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Price</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Exercisable</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Price</td></tr>
<tr style="vertical-align: bottom">
<td colspan="7" style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td>
<td colspan="3" style="font-size: 10pt; text-align: center"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3.49</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">655,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">9.22</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">3.49</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">3.49</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.80</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">560,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.61</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.80</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,215</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.80</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.27</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">125,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.50</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.27</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.27</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">98,335</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7.47</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">98,335</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.00</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.25</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">80,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8.42</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.25</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,993</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9.25</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">138,488</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.00</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">138,488</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.00</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">14.40 to $15.00</font></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,501</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">1.22</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right">14.52</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,501</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right">14.52</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,659,324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">8.70</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">4.76</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">351,532</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">8.27</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At March 31, 2017, there were 1,184,911
shares of our common stock remaining available for grant under the 2016 Plan.  There were no option exercises during
the years ended March 31, 2017 or 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aggregate intrinsic value is the sum of
the amount by which the fair value of the underlying common stock exceeds the aggregate exercise price of the outstanding options
(<i>in-the-money-options</i>). Based on the $1.96 per share quoted market price of our common stock on March 31, 2017, there was
no intrinsic value in any of our outstanding options at that date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2017, there was approximately
$3,004,900 of unrecognized compensation cost related to non-vested share-based compensation awards from the 2016 Plan, which is
expected to be recognized through September 2020.  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>401(k) Plan</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through a third-party agent, we maintain
a retirement and deferred savings plan for our employees. This plan is intended to qualify as a tax-qualified plan under Section 401(k)
of the Internal Revenue Code. The retirement and deferred savings plan provides that each participant may contribute a portion
of his or her pre-tax compensation, subject to statutory limits. Under the plan, each employee is fully vested in his or her deferred
salary contributions. Employee contributions are held and invested by the plan’s trustee. The retirement and deferred savings
plan also permits us to make discretionary contributions, subject to established limits and a vesting schedule. To date, we have
not made any discretionary contributions to the retirement and deferred savings plan on behalf of participating employees.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may become involved
in claims and other legal matters arising in the ordinary course of business. Management is not currently aware of any claims made
or other legal matters that will have a material adverse effect on our consolidated financial position, results of operations or
its cash flows.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We indemnify our officers and directors
for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of
the indemnification period is for the officer’s or director’s lifetime. We will indemnify the officers or directors
against any and all expenses incurred by the officers or directors because of their status as one of our directors or executive
officers to the fullest extent permitted by Nevada law. We have never incurred costs to defend lawsuits or settle claims related
to these indemnification agreements.  We have a director and officer insurance policy which limits our exposure and may enable
us to recover a portion of any future amounts paid.  We believe the fair value of these indemnification agreements is minimal.
Accordingly, there are no liabilities recorded for these agreements at March 31, 2017 or 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, we provide
indemnifications of varying scopes under agreements with other companies, typically clinical research organizations, investigators,
clinical sites, suppliers and others.  Pursuant to these agreements, we generally indemnify, hold harmless, and agree to reimburse
the indemnified parties for losses suffered or incurred by the indemnified parties in connection with the use or testing of our
product candidates or with any U.S. patents or any copyright or other intellectual property infringement claims by any third party
with respect to our product candidates.  The terms of these indemnification agreements are generally perpetual.  The
potential future payments we could be required to make under these indemnification agreements is unlimited.  We maintain
liability insurance coverage that limits our exposure.  We believe the fair value of these indemnification agreements is minimal. 
Accordingly, we have not recorded any liabilities for these agreements as of March 31, 2017 or 2016.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Leases</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2017 and 2016, the following
assets are subject to capital lease obligations and included in property and equipment:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="background-color: white"> </td><td> </td>
<td colspan="7" style="text-align: justify"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2017</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2016</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 74%; font-size: 8pt; text-align: left">Office equipment</td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">14,600</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 10%; font-size: 8pt; text-align: right">4,500</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 5.4pt; background-color: white"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(600</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(3,400</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Net book value</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">14,000</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,100</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Amortization expense for assets recorded under
capital leases is included in depreciation expense.  Future minimum payments, by year and in the aggregate, required under
capital leases are as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="3" style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td colspan="3" style="text-align: left; background-color: white"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="3" style="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">Fiscal Years Ending March 31,</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Leases</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 1%; font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="width: 48%; font-size: 8pt; text-align: left; vertical-align: bottom">2018</td><td style="width: 1%; font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="width: 1%; font-size: 8pt"> </td>
<td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 47%; font-size: 8pt; text-align: right">3,800</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt; text-align: left; vertical-align: bottom">2019</td><td style="font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3,800</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt; text-align: left; vertical-align: bottom">2020</td><td style="font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3,800</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt; text-align: left; vertical-align: bottom">2021</td><td style="font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">3,800</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; vertical-align: bottom">2022</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">3,300</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt; text-align: left; vertical-align: bottom"><font style="font-size: 8pt">Future minimum lease payments</font></td><td style="font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">18,500</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; vertical-align: bottom"><font style="font-size: 8pt">Less imputed interest included in minimum lease payments</font></td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(4,200</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt; text-align: left; vertical-align: bottom"><font style="font-size: 8pt">Present value of minimum lease payments</font></td><td style="font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt"> </td>
<td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">14,300</td><td style="font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left; vertical-align: bottom"><font style="font-size: 8pt">Less current portion</font></td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2,400</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left; vertical-align: bottom"><font style="font-size: 8pt">Non-current capital lease obligation</font></td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">11,900</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At March 31, 2017, future minimum payments
under operating leases relate to our facility lease in South San Francisco, California through July 31, 2022 and are as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="3" style="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">Fiscal Years Ending March 31,</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Amount</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 1%; text-align: left; vertical-align: bottom"> </td><td style="width: 48%; text-align: left; vertical-align: bottom">2018</td><td style="width: 1%; text-align: left; vertical-align: bottom"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 47%; text-align: right">388,400</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2019</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">602,800</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2020</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">623,900</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2021</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">645,800</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2022</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">668,400</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">2023</td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">225,300</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; vertical-align: bottom"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,154,600</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 10pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 10pt; text-align: left; vertical-align: bottom"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incurred total facility rent expense
for the fiscal years ended March 31, 2017 and 2016 of $482,100 and $337,200, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Debt Repayment</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At March 31, 2017, future minimum principal
payments on outstanding notes related only to our insurance premium financing arrangement in the principal amount of $54,800, which
will be repaid in monthly principal and interest installments of $6,300 through December 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents the unaudited
statements of operations data for each of the eight quarters in the period ended March 31, 2017. The information has been presented
on the same basis as the audited financial statements and all necessary adjustments, consisting only of normal recurring adjustments,
have been included in the amounts below to present fairly the unaudited quarterly results when read in conjunction with the audited
financial statements and related notes. The operating results for any quarter should not be relied upon as necessarily indicative
of results for any future period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Quarterly Results of Operations (Unaudited)</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b> (in thousands, except share and
per share amounts)</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="17" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Three Months Ended</b></font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>June 30,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2016</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>September 30,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2016</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2016</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2017</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Fiscal Year</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2017</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Sublicense revenue</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,250</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,250</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 0.25in"><font style="font-size: 8pt">Total revenue</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,250</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,250</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Operating expenses:</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> Research and development</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">826</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,606</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,611</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,161</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">5,204</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> General and administrative</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,138</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,494</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,276</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,387</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,295</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 0.25in"><font style="font-size: 8pt">  Total operating expenses</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,964</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,100</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,887</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,548</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">11,499</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Loss from operations</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,964</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(3,100</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,637</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,548</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(10,249</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Other expenses, net:</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt"> Interest expense, net</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td>
<td style="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(2</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td>
<td style="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(1</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td>
<td style="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(1</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td>
<td style="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid"> </td>
<td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(1</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(5</font></td>
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify; padding-bottom: 1pt"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Loss before income taxes</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,966</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(3,101</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,638</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,549</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(10,254</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Income taxes</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Net loss</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,968</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(3,101</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,638</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,549</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(10,256</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">     Accrued dividend on Series B Preferred stock</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(540</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(241</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(238</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(238</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,257</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">     Deemed dividend on Series B Preferred stock</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(111</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(111</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">     Net loss attributable to common stockholders</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(2,619</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(3,342</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(2,876</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(2,787</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(11,624</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Basic and diluted net loss per common share</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">    attributable to common stockholders</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(0.51</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(0.42</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(0.34</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(0.32</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(1.54</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Weighted average shares used in computing:</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> Basic and diluted net loss per common share</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">       attributable to common stockholders</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">5,097,832</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">8,047,619</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">8,381,824</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">8,602,107</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">7,531,642</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="3" style="width: 125px; text-align: justify"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="17" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Three Months Ended</b></font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>June 30,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2015</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>September 30,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2015</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2015</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>March 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2016</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Fiscal Year</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2016</b></p></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Operating expenses:</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> Research and development</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">373</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,656</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">806</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,097</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">3,932</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> General and administrative</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,448</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,731</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,336</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">7,404</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">13,919</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 0.25in"><font style="font-size: 8pt">  Total operating expenses</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,821</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">5,387</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,142</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">8,501</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">17,851</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Loss from operations</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,821</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(5,387</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,142</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(8,501</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(17,851</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Other expenses, net:</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> Interest expense, net</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(755</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(12</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(3</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(771</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> Change in warrant liabilities</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,895</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,895</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> Loss on extinguishment of debt</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(25,051</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(1,649</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(26,700</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> Other expense, net</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Loss before income taxes</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(29,522</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(7,048</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,147</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(8,502</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(47,219</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Income taxes</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Net loss</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(29,524</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(7,048</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,147</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(8,502</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(47,221</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">     Accrued dividend on Series B Preferred stock</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(213</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(615</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(631</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(681</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">(2,140</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">     Deemed dividend on Series B Preferred stock</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(256</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(887</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(669</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(246</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,058</font></td>
<td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">     Net loss attributable to common stockholders</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(29,993</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(8,550</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(3,447</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(9,429</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(51,419</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Basic and diluted net loss per common share</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(19.23</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(5.26</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(1.95</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(4.44</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">(29.08</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 0%; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; width: 7%; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="width: 125px; text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Weighted average shares used in computing:</font></td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td style="vertical-align: bottom; text-align: left; text-indent: 9pt"><font style="font-size: 8pt"> Basic and diluted net loss per common share</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">1,559,483</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">1,624,371</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">1,765,641</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">2,123,936</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: left"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">1,767,957</font></td>
<td style="vertical-align: bottom; padding-bottom: 3pt; text-align: left"> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
3674000
3681000
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Fiscal Years Ended March 31,</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2017</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2016</font></td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td colspan="2" style="text-align: center"> </td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: left"><font style="font-size: 8pt">Unrecognized benefit - beginning of period</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 0%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">142,400</font></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 0%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">48,200</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Current period tax position increases</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">77,700</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">35,300</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Prior period tax position increases</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">70,400</font></td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"><font style="font-size: 8pt">58,900</font></td>
<td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Unrecognized benefit - end of period</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">290,500</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="padding-bottom: 3pt; text-align: left"> </td>
<td style="border-bottom: black 1.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 8pt">142,400</font></td>
<td style="padding-bottom: 3pt; text-align: left"> </td></tr>
</table>
290500
142400
48200
77700
35300
70400
58900
9301472
Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with PLTG, as amended
Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015
Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016
Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with PLTG
Includes 663,460 common shares issuable in payment of an estimated $1,658,600 in accrued dividends through April 30, 2017 at $2.50 per share
includes 400,000 Series B Preferred shares with fair value of $4,000,000 issued as Additional Consideration Shares and warrants to purchase 1,200,000 shares of common stock with fair value of $8,270,800 issued as Additional Consideration Warrants for the various agreements of PLTG pursuant to the PLTG Agreement in May 2015